Energetica India Magazine March 2022

38 energetica INDIA- Mar_2022 ELECTRIC VEHICLES negative environmental impact of bat- teries and the reliance on raw material extraction. Recycling can also alleviate toxicity and contamination risks aris- ing from landfill dumping of end-of-life batteries. Globally, the LIB recycling market is expected to increase from USD 4.6 billion9 in 2021 to USD 22.8 billion by 2030, growing ~20% annual- ly. In India, the LIB recycling market is still at a nascent stage, and is expected to be around 22-23 GWh by 2030, which is a USD 1000 million10 opportunity. Way Forward To ensure the presence of the right infra- structure and the required investment in the right technology, the government needs to bring together relevant stake- holders to form a comprehensive frame- work of regulatory and non-regulatory measures that supports all segments of the battery value chain. Batteries are crucial for ensuring India’s low-carbon future. India needs to address raw mate- rial criticality and supply chain vulner- ability to strengthen domestic manu- facturing. Domestic battery production can be bolstered by providing grants for battery research and development. Some solutions that can direct capital and financing to accelerate India’s EV transition include integrating EVs to the Reserve Bank of India’s (RBI) pri- ority-sector lending guidelines, estab- lishing a robust framework to encourage effective academia-industry collabo- ration in the battery supply chain, es- tablishing Zero Emission Vehicle (ZEV) mandates for vehicle manufactures and manufacturing grants to capitalize on the current momentum and push EV adoption effectively at the envisaged growth rate. REFERENCES 1). https://www.globenewswire.com/news-release/2021/12/07/2347109/0/en/Global-Electric-Vehicle-Battery-Market-Size-2021-2028-To-Reach-USD-154-90-billion-in- 2028-at-a-CAGR-of-28-1-in-the-2021-2028-period.html 2). https://www.batterytechonline.com/design-and-manufacturing/achieving-carbon-neutrality-and-ev-battery-circular-economy 3). https://www.makeinindia.com/atmanirbhar-bharat-abhiyaan 4). https://economictimes.indiatimes.com/industry/auto/auto-news/rare-good-news-from-a-rare-metal-reserves-of-lithium-critical-for-ev-batteries-found-near-benga- luru/articleshow/74183975.cms?from=mdr 5). https://www.pmindia.gov.in/en/major_initiatives/make-in-india/ 6). https://www.mckinsey.com/industries/electric-power-and-natural-gas/our-insights/capturing-the-battery-value-chain-opportunity 7). https://energycentral.com/c/ec/europe-approves-%E2%82%AC32bn-support-battery-rd 8). https://www.cnbc.com/2019/12/10/tesla-gm-bet-big-on-lithium-ion-but-gates-bezos-fund-flow-battery.html 9). https://www.businesswire.com/news/home/20211027005926/en/22.8-Billion-Lithium-ion-Battery-Recycling-Market-by-End-Use-Battery-Chemistry-Battery- Components-Recycling-Process---Global-Forecast-to-2030---ResearchAndMarkets.com 10). https://jmkresearch.com/recycling-of-lithium-ion-batteries-in-india-1000-million-opportunity/