Employees at Advanced Electric Machines work on test models of a motor for an electric vehicle that does not include either rare earth magnets or copper and uses electrical steel and aluminium instead, in Washington. File photo: REUTERS/NICK CAREYFrom motor magnets with toxic histories to batteries made using copious fossil-fuel power, many challenges face carmakers seeking to purge dirtier materials from their supply chains to satisfy regulators and investors.
The increasing scrutiny of supply chains comes as the EU, which announced draft laws last year to enforce net-zero emissions targets, considers charging for excess carbon on imports, and legislation requiring ethical sourcing and a recycling plan for EV batteries. Given fierce competition, any projects not advanced enough at the right time will risk missing their chance, according to MacMurray Whale, environmental sustainability strategist at Cormark Securities in Toronto.
Switch buys credits to offset the carbon used to make metal components and factors in that cost when assessing new parts, he added.Squeezing carbon out of the supply chain is a “vital part” of BMW's carbon-reduction strategy, sustainability vice-president Thomas Becker said. Makram Azar, CEO of London-based investment group Full Circle Capital, said companies in the car sector that “tick all the right ESG boxes” should find raising capital easier.
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