High hydrocarbon prices make renewables more attractive for power generation. LCOE report: “wind and PV generation costs remain lower than fossil fuel alternatives. Rising costs of hydrocarbons have outpaced growing material and installation costs for renewables. With the energy transition in full swing, new energy research provider BloombergNEF estimates that the global transition will require ~$173 trillion in energy supply and infrastructure investment over the next three decades, with renewable energy expected to provide 85% of our energy needs by 2050. BNEF projects that by 2030, consumption of lithium and nickel by the battery sector will be at least 5x current levels. Meanwhile, demand for cobalt, used in many battery types, will jump by about 70%. Diverse EV and battery commodities such as copper, manganese, iron, phosphorus, and graphite–all of which are needed in clean energy technologies and are required to expand electricity grids–will see sharp spikes in demand. […]