US and European powers scramble to acquire critical minerals necessary for EV vehicle production

Electric vehicle (EV) sales are surging around the world. In just three years, between 2019 and 2022, global EV sales increased from 2 million to over 10 million units. The International Energy Agency (IEA) estimates that by 2030, EVs will compose 60 percent of all car sales in the combined area of China, Europe and the United States.

This rapid growth in electric cars has important implications for the global economy. While total spending on the renewable energy transition…