TOKYO – The Group of Seven industrialized nations have begun detailed discussions toward reducing their reliance on imports of critical minerals from certain countries, Japanese government sources said.
Specifically, they will set targets for the level of dependence for minerals whose export is dominated by particular countries, and increase imports from other countries to eventually meet their goals. The G7 countries also want to cooperate with each other to diversify their supply systems.
Critical minerals are indispensable for a green transition, as they are used in electric vehicles, solar panels, storage batteries and other devices that play crucial roles in economic activities
Critical minerals are indispensable for a green transition, as they are used in electric vehicles, solar panels, storage batteries and other devices that play crucial roles in economic activities. Japan has designated 35 minerals — including lithium, nickel and cobalt — as critical minerals to be stockpiled.
Economic security was a key agenda item at the G7 Hiroshima Summit in May and the bloc's leaders invited the International Energy Agency (IEA) to “make recommendations by the end of this year on options how to diversify the supplies of energy and critical minerals as well as clean energy manufacturing.”
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The IEA is currently selecting critical minerals whose international sources should be diversified. It is to finalize the recommendations by the end of this year. G7 countries have also considered joint investments in other resource-rich countries. Japan holds the G7 presidency this year and will aim to take the initiative on this issue.