𝗚𝝳 𝗧𝗮𝗿𝗴𝗲𝘁𝘀 𝗥𝗲𝗱𝘂𝗰𝘁𝗶𝗼𝗻 𝗶𝗻 𝗖𝗿𝗶𝘁𝗶𝗰𝗮𝗹 𝗠𝗶𝗻𝗲𝗿𝗮𝗹 𝗗𝗲𝗽𝗲𝗻𝗱𝗲𝗻𝗰𝗲
G7 leaders agreed to new plans to reduce reliance on single suppliers for critical minerals. The group aims to lower dependence on any one supplier outside the G7 and partner nations to below 60 per cent by 2030. The long-term goal is to reach 50 per cent.
Key components of the plan include:
- Pilot projects for lithium and nickel.
- Expansion to five more minerals each year.
- Creation of a new platform to coordinate policies and share data.
- Use of the International Energy Agency to monitor markets and provide early warnings.
- Increased domestic stockpiling for industrial and public sectors.
- Expansion of mineral recycling capacity.
The minerals support defense, artificial intelligence, electric vehicles, and renewable energy. China currently controls about 90 per cent of global production for processed rare earths and permanent magnets.
Financial and structural details:
- Countries announced 195 critical mineral projects since early 2026.
- These projects involve approximately €64 billion in investment.
- The G7 will use development finance institutions and private companies to support infrastructure.
- The United States launched a $12 billion reserve called Project Vault.
- The European Union shortlisted tungsten, rare earths, and gallium for joint stockpiles.
The G7 summit in France also addressed artificial intelligence regulation, the Russia-Ukraine war, and trade agreements.
Source: The Times of India