The price of this element has surged in 2017
![An miner carries raw ore at a former industrial copper-cobalt mine in the Democratic Republic of the Congo](https://assets.weforum.org/article/image/large_MMXqtDeuXthAgRZQh0-b0cCQ7B01vK0x75fsJgG37X8.jpg)
Image: REUTERS/Kenny Katombe
![A hand holding a looking glass by a lake](/uplink.jpg)
Get involved with our crowdsourced digital platform to deliver impact at scale
Stay up to date:
Emerging Technologies
Cobalt is a critical element in lithium-ion batteries, which power smartphones and electric vehicles. As demand for such technology increases, the price of cobalt has soared, more than doubling this year alone. The value of the cobalt market reached $8 billion in 2016, according to Bloomberg.
![](https://assets.weforum.org/editor/5eKOm3hYG-Mw3P-7kqCnPVdMB2zstO55AHU6I0sr7_M.png)
Global sales of electric vehicles rose 63% in 2017, with more than one million estimated to have been sold. Accordingly, demand for lithium-ion batteries is projected to increase by up to seven times over the next decade. The values of other elements used in batteries, including lithium and nickel, are also increasing, while the Bloomberg Commodity Index as a whole has fallen by 4% in 2017.
However, two-thirds of the world’s cobalt is mined in the Democratic Republic of Congo. The country’s unstable politics and use of child labour invite scrutiny into the ethics of the element powering our technology-driven lifestyles. Cobalt buyers are already seeking alternate sources, including in Russia, Canada and Australia. Because as transport turns green, demand for cobalt is only going in one direction.
Don't miss any update on this topic
Create a free account and access your personalized content collection with our latest publications and analyses.
License and Republishing
World Economic Forum articles may be republished in accordance with the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International Public License, and in accordance with our Terms of Use.
The views expressed in this article are those of the author alone and not the World Economic Forum.
Related topics:
The Agenda Weekly
A weekly update of the most important issues driving the global agenda
You can unsubscribe at any time using the link in our emails. For more details, review our privacy policy.
More on Emerging TechnologiesSee all
Nii Simmonds and Ayodele Okeowo
July 17, 2024
Jerome Desbonnet and Oded Vanunu
July 16, 2024
Tariq Malik and Prerna Saxena
July 12, 2024
Stefanie Ólives
July 12, 2024
Cathy Li, Maria Basso and Benjamin Larsen
July 10, 2024
Rebecca Geldard
July 10, 2024