The Mining Association of Canada | The Canadian Mining Story: Economic Impacts and Drivers for the Global Energy Transition 2023 46 One specific example of the transition to a clean economy is in the EV market. EV registrations in Canada reached 165,362 in 2021, an increase from 43,817 in 2017. As a proportion of the total registrations, this is an increase from 2% of the new registrations to 10% of the registrations, as shown in Figure 2. The trend in EVs is expected to increase. The Government of Canada recently proposed regulations that would require zero emission vehicles (i.e., battery electric, fuel cell electric or plug-in hybrids with a specific minimum range) to make up at least 20% of new vehicles sold by 2026, at least 60% by 2030, and 100% by 2035. As these trends are mirrored globally, mineral demand for EV production will increase, as shown in Figure 3. The IEA’s model suggests that overall demand for minerals grows by nine times from 2020 values to around 3,500 kt in 2040 under stated policies. The sustainable development scenario foresees even greater growth. 2017 2018 2019 2020 2021 Battery electric: 4% Hybrid electric: 5% Plug-in hybrid electric: 2% Total electric: 10% , 0% 2% 4% 6% 8% 10% 12% Figure 2: EVs as a Proportion of New Motor Vehicle Registrations, 2017-202137 Figure 3: Mineral Demand for EVs, 2020-2040 (Various Scenarios)38 0 500 1000 1500 2000 2500 3000 3500 4000 Kt Graphite Nickel Copper Lithium Cobalt Manganese Silicon Rare earth elements 2020 2030 Stated 2030 Sustainable 2040 Stated 2040 Sustainable Policies Development Policies Development 37 New motor vehicle registrations, quarterly. Statistics Canada table 20-10-0024-01. Release date: 2023-01-24. 38 IEA, Total mineral demand from new EV sales by scenario, 2020-2040, IEA, Paris https://www.iea.org/data-and-statistics/charts/total-mineral-demand-from-new-ev-sales-by-scenario-2020-2040.
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