The heads of state and government of the G7 nations met in Èvian-les-Bains, France, on Wednesday to agree on limiting raw material imports. This decision is targeted at China, although the East Asian state is not explicitly named in the declaration.
The aim, according to the document, is to significantly reduce the “dependence on a single supplier outside the G7 and partner countries for rare earths and permanent magnets to below 60 percent by 2030,” with a wider long-term goal of continuous reduction, targeting 50 percent as soon as possible. Regarding other critical minerals, the ministers have been tasked with establishing concrete goals for reducing these dependencies by the end of the year.
The group intends to build up and further develop the necessary processing and industrial capacities needed to diversify supply chains for critical minerals. This diversification will be supported, among other things, through boosting local value creation and fostering innovation. To achieve this, the nations will collaborate closely with partner countries to drive projects covering production, processing, and recycling across the entire supply chain. They commit to promoting coordinated project development by aggregating demand and mobilizing public and private collective financial capital.
