A report released today by the Canadian Climate Institute (CCI) claims that by 2040, Canada needs to spend $30 billion in private and public sector money to meet desired mineral production. Claiming funds overall would have to increase to $65 billion, and project $16 billion in domestic annual revenue by 2040, mostly from EV battery production. The report says that to reach these numbers by 2040 — it must produce more than 30 new mines. From 2018 to 2023, Canada's average number funding of critical mineral mining was $2 billion. It takes nearly 18 years for mines to be developed from discovery to production..CCI claims six minerals — copper, nickel, lithium, graphite, cobalt, and rare earth minerals — all reserves that exceed current production levels.It acknowledges that one reason for the lack of funding is the high volatility of market prices for these minerals.The Public Policy Forum (PPF) says this volatility comes from the production sector being ripe with"emerging or niche commodities", which only have a few suppliers, leading to frequent price swings and disruptive trade practices..CCI advises that the government should spend taxpayer money on financial risk-sharing agreements, and temporarily — though no timeline is mentioned — share risks related to the high price volatility.This comes after the government's announcement in March on Battery Innovation, which need these minerals.The Office of Energy Research and Development (OERD), says they have two goals in mind for Canada's battery, "improving energy efficiency and processes to reduce emissions from energy end-use, and accelerating electrification and maximizing benefits to renewable heat and power.".At the 2025 Canada Automotive Summit on June 10, Mélanie Joly, Minister of Innovation, Science and Industry, said that the government is working to encourage more battery plants because not only are battery plants good for the EV sector, but they also benefit other industrial sectors that need "energy in a box". According to the US Department of Energy, almost all electric vehicles use lithium-ion batteries, which typically vary chemically from other consumer electronic batteries. The government has previously spent over $46.1 billion on the EV supply chain from October 2020 to April 2024.
