NEV battery recycling can turn waste into treasure
The Ministry of Industry and Information Technology recently started soliciting public opinions on a revised industry standard for the recycling and disposal of NEV power batteries. The revision covers the whole industry chain of the fast-growing business and aims to standardize and strengthen supervision of relevant practices that vary in different places.
Data show that in 2023, the total amount of retired NEV power batteries in China exceeded 580,000 tons. It is estimated that by 2030, the scale of the power battery recycling market will exceed 100 billion yuan ($13.96 billion).
NEV power batteries include certain components containing harmful chemicals. If they can be recycled and utilized properly, not only will dangerous pollution be avoided but it will also save tremendous amounts of raw materials and resources. The number of new energy vehicles on Chinese roads has been increasing fast since 2016. As the service life of the power batteries ranges from five to eight years, the country is facing the first wave of NEV power battery retirement.
But the battery recycling industry is still in its infancy. Statistics show that only one-quarter of used NEV power batteries are now properly recycled. Although there exist dozens of industry standards in the industry, they are either outdated or weak in compelling force. The newly revised document is expected to change that situation and serve as a compulsory national standard for the industry.
Upstream and downstream enterprises of the NEV power battery industry also need to strengthen their collaboration and explore new business models to ensure that the discarded batteries become a valuable source of reusable materials.
While many developed economies are trying to catch up with China in power battery technology, the revised industry standard should play a role in prompting enterprises to take advantage of their knowhow and market status to markedly increase their input into R&D in used battery recycling, which will become a new racetrack of the NEV industry and help spur green development.
ECONOMIC DAILY
