Canada’s investment in mining and battery materials appears to be paying off.
BloombergNEF’s (BNEF) puts Canada second on its most recent annual global lithium-ion battery supply chain ranking.
BNEF is Bloomberg's primary research service. It covers clean energy, advanced transport, digital industry, innovative materials and commodities.
Canada’s rise to second spot this year, up from five a year ago, “reflects its large raw material resources and mining activity, as well as its good positioning in environmental, social and governance factors (ESG) and infrastructure, innovation, and industry.”
However, BNEF was quick to note that “a lack of significant cell and component manufacturing capacity means that most of the value of these resources is realized outside of the country, although recent announcements from the likes of BASF, General Motors and Posco show an increase in battery investments.”
Nonetheless, Canada’s Industry Minister Francois-Philippe Champaign celebrated the news on Twitter.
"Our vision to build a battery ecosystem from mine to recycling has attracted billions in investments and positioned Canada as a leader," he said in a tweet.