Opinion
Ethics of Cobalt Mining Must Be Taken Seriously by Traders
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By Michael Posner and Dorothée Baumann-Pauly
President Vladimir Putin’s attempt to bludgeon Ukraine into submission is forcing western governments and businesses to renew their focus on energy independence as a strategic imperative.
Shifting transportation from fossil fuels to battery power is part of the answer, and more batteries will require more cobalt mining. The challenge is how to mine cobalt safely and without exploiting children.
An indispensable ingredient in lithium-ion batteries for electric cars and trucks, cobalt provides a natural safeguard against overheating and fires. These batteries each contain between 6-9kg of cobalt, which will mean soaring demand as electric vehicle production increases.
Read the full Financial Times article.
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Michael Posner is the Jerome Kohlberg Professor of Ethics and Finance, Professor of Business and Society and Director of the NYU Stern Center for Business and Human Rights.
Shifting transportation from fossil fuels to battery power is part of the answer, and more batteries will require more cobalt mining. The challenge is how to mine cobalt safely and without exploiting children.
An indispensable ingredient in lithium-ion batteries for electric cars and trucks, cobalt provides a natural safeguard against overheating and fires. These batteries each contain between 6-9kg of cobalt, which will mean soaring demand as electric vehicle production increases.
Read the full Financial Times article.
___
Michael Posner is the Jerome Kohlberg Professor of Ethics and Finance, Professor of Business and Society and Director of the NYU Stern Center for Business and Human Rights.