We focus today on raw material inflation and use the IEA analysis of materials demand (excluding steel and aluminum) in EVs and renewable power, creating a price index for the materials in question. This index is a straight average, but we will develop indices for specific sub-industries and include these in our next ESG and climate report. What is important is that the index below is up over 50% since the beginning of 2019 and this is before many of the EV plans and power plans move from planning to construction. We have highlighted inflation risk for more than a year now and remain very concerned that when many of the new auto plants start and many of the incremental renewable power facilities move from planning to equipment purchasing, we will see bottlenecks and faster price increases. See more in today's daily report.
