LowEmissionAsphalt-136pg-WhitePaper-May2023

P a g e | 82 EVs require a treasure trove of scarce, expensive, and carbon intensive to mine minerals (Figure 51) . Converting just the State of California to all-electric, required by 2035, would consume 100% of the world’s known lithium reserves. 169 More than half of all cobalt reserves are in the tiny, troubled country of Congo. Figure 51 – Minerals Used in Cars Source: IEA Forget balloons, there are clear national security issues as well. China controls 85% of the world’s EV battery production. 170 Additionally, an EV carries as much as 1,800 pounds of batteries (Figure 52) ; a typical short-haul electric truck as much as 3,000 pounds. Discarded Li-ion battery disposal is an emerging environmental issue as battery electrics already create more than 250,000 tons of problematic land fill annually with expectations for a seven-fold increase in the next decade. 171 Due to Li-ion complexity, only 2% of lithium batteries are recycled today. 172 173 169 Phillips 66. 170 www.moneyweek.com . 171 Calma J, The electric vehicle industry needs to figure out its battery problem , The Verge, November 2019. 172 Murry J: Is the Nobel Prize-winning lithium-ion battery really having a positive impact on the environment. 173 Bunged up: How green bottlenecks threaten the clean energy business, The Economist, June 2021.