At the summit in Evian-les-Bains, France, the leaders of G7 countries decided to expand cooperation on critical minerals with the goal of reducing dependence on individual suppliers such as China.
Specifically, the G7 countries intend to reduce the share of any single supplier of rare earth elements in their supply chains to 60% by 2030. Initially, they will test coordinated mechanisms for lithium and nickel supplies.
According to the agreement, the International Energy Agency (IEA) will receive additional functions, and will be tasked with monitoring global markets for critical raw materials and issuing warnings about potential risks and supply disruptions.
China's 2025 export restrictions on permanent magnets showed the high dependence of global supply chains on a single supplier, Reuters notes.
Alex Shishlo, Editor in Chief of the European Bureau, Rough&Polished
