Lithium-ion batteries (LIBs) are pivotal in climate change mitigation, enabling the shift towards renewable energy and electric vehicles. Despite their benefits, LIBs’ own carbon footprint (CF) stemming from material sourcing and manufacturing, raises concerns. Yet, data on CFs of LIBs is scattered, hard to compare and largely overlooks the relevance of battery materials. Here, we go beyond traditional CF analysis and develop a novel cost-based approach, estimating emission curves for the key battery materials lithium, nickel and cobalt based on mining cost data. Combining the emission curves with global battery cell production forecasts, we present the most representative CF distributions for NMC811 and LFP cathode LIBs to date. Our findings reveal the significant impact of material sourcing over production location on CF, with nickel and lithium identified as major contributors to the CF and its variance. This research moves the field forward by offering a nuanced understanding of battery CFs, aiding in the design of decarbonisation policies and strategies.