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Zerodha co-founder Nithin Kamath is raising red flags over the hidden cost of electric vehicles, warning that the EV boom may be cleaning city air at the expense of ravaged ecosystems, child labor, and coal-fired emissions.
In a stark post on X, Kamath questioned whether the global rush toward EVs is truly sustainable or just shifting pollution out of sight. “Are we just moving pollution from city streets to biodiversity hotspots?” he wrote.
Kamath spotlighted Indonesia, the world’s top nickel producer, accusing it of “strip-mining paradise islands.”
The Southeast Asian nation accounted for 51% of global nickel output in 2023. Mining operations on islands like Gag and Halmahera have led to deforestation and marine pollution, threatening ecosystems and indigenous communities.
He also turned the lens on Congo, where over 70% of the world’s cobalt is sourced — often through dangerous, small-scale mines employing children. “Congo destroys communities with child labour,” Kamath said, echoing human rights watchdogs that have documented forced evictions, child exploitation, and deadly working conditions.
Kamath didn’t spare China either, accusing it of monopolizing the EV supply chain. “China controls the minerals that make EVs possible: 90% rare earths, 75% lithium, 80% tungsten,” he posted. While China mines around 70% of rare earths, its true grip lies in processing — refining over 90% of the global output — mostly powered by coal.
“All of this is powered by coal plants,” Kamath added, highlighting the irony that EVs, hailed as green alternatives, are frequently built and charged using fossil fuels.
“Cleaner streets, yes. But at the cost of dirtier oceans, shattered communities, and forgotten islands?” he asked, concluding with a stark indictment of humanity’s tech-first mindset: “Knowing us, we’ll always chase ‘better technology’ over what’s better for the planet.”
