America Secretary of Vitality, Jennifer Granholm, has expressed issues about China’s overwhelming management of the worldwide provide chain for important minerals.
What Occurred: Granholm voiced her apprehensions throughout the Worldwide Vitality Company’s 2024 Ministerial Assembly in Paris, CNBC reported on Wednesday. The rising demand for minerals and uncooked supplies essential to the vitality transition, resembling nickel, copper, lithium, and cobalt, has raised issues about China’s dominant place within the provide chain.
China at the moment accounts for about 60% of the world’s manufacturing of uncommon earth minerals and supplies, posing a strategic problem as international locations shift in the direction of low-carbon vitality sources.
“It is one of many items of the availability chain that we’re very involved about in the US. We don’t need to be over-reliant on international locations whose values we might not share,” Granholm stated, based on the report.
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Granholm emphasised the necessity for the U.S. to replace its rules, together with a 150-year-old mining regulation, to make sure the sustainable and environment friendly extraction of important minerals. She additionally highlighted the significance of partnerships with allies like Australia and Canada to diversify the availability of those minerals.
Why It Issues: The U.S. is just not the one nation involved about China’s dominance within the important minerals provide chain. In January, Canada additionally expressed its want to extend important mineral manufacturing, however China’s involvement raised issues. A examine by Mansfield Consulting discovered that 16 proposed important mineral mines within the province of British Columbia might generate vital financial advantages.
Moreover, the U.S. is ramping its efforts to counter China’s dominance. Final week, a U.S. delegation to a serious mining convention in South Africa, which included officers from the Treasury and State departments, highlighted the rising significance of African mining within the context of the Biden administration’s vitality agenda.
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