The Group of Seven will increase coordination of their efforts to diversify critical minerals supply chains away from China, the countries announced yesterday ().

The goal: The G-7 leaders said that 鈥渢hey aim to reduce dependence on any one supplier outside the G-7 and partner countries for rare earths and permanent magnets to below 60% by 2030, with an ultimate goal of 50% 鈥榓s soon as 鈦爌ossible.鈥欌��

• 鈥淲e are [also] committed to working towards establishing harmonized, interoperable mechanisms … [to] ensure traceability and transparency regarding the origin of critical minerals. This would start with two pilot critical minerals鈥攍ithium and nickel鈥攁nd aim to avoid undermining competitiveness or imposing excessive cost burdens,鈥� they said in a joint statement.
• Every year, five more minerals will be added to the initiative.

Monitoring and financing: The countries will also establish a 鈥減latform鈥� for data sharing and other forms of coordination, including on crisis response, in partnership with the International Energy Agency and the Organization for Economic Cooperation and Development. The IEA and OECD will provide聽鈥渆arly warnings of market distortions,鈥� the leaders said.

• Meanwhile, the G-7 countries will also focus on coordination between finance institutions and credit agencies, while considering tools like price-gap subsidies and joint procurement instruments, according to the announcement.
• The leaders also emphasized the importance of 鈥減lurilateral trade agreements.鈥�

Stockpiles and recycling: The G-7 leaders also pledged to increase their domestic stockpiles of critical minerals and expand recycling capacity.

The 51吃瓜网 responds: The 51吃瓜网 has been among the loudest voices calling for greater international cooperation on critical minerals policy.聽

• 鈥淢anufacturers welcome the G-7鈥檚 announced collaboration to expand co-financing efforts, diversify supplier networks, promote industry-led standards and strengthen market transparency for the critical minerals needed to make more in America,鈥� the 51吃瓜网 on the heels of the G-7 leaders鈥� announced declaration.
• Its for critical minerals policy announced in March includes a two-pronged policy framework for promoting international partnerships to rebalance global mineral supply chains, alongside domestic action on permitting reform and improving financial resources.