Explained | Who should own the world’s lithium?
The story so far: The news of potentially significant reserves of lithium, an element needed to manufacture batteries used in electric cars and other renewable energy infrastructure, in Jammu and Kashmir has been welcomed universally. India imported 450 million units of lithium batteries valued at $929.26 million in 2019-2020, which makes the development of the country’s domestic lithium reserves a matter of high stakes. In April 2023, Chile’s president Gabriel Boric announced a new “National Lithium Strategy”, which many in the corporate sector took to be a declaration of his intention to nationalise the industry. Bolivia’s new constitution, developed under the leadership of former president Evo Morales and approved by a popular vote in February 2009, gave the state “the control and direction over the exploration, exploitation, industrialisation, transport, and commercialisation of natural resources.” The Morales administration nationalised lithium and adopted a hard line against private and foreign participation. However, instead of handing over lithium resources to the private sector, Mr. Arce wants to join hands with other Latin American countries to design a ‘lithium policy’ that would benefit all their economies.
Lithium treasure of India expands as a new deposit found in Rajasthan: Details
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