Group of Seven seeks to extend the lifespan of raw materials initiatives.
According to Reuters, the G7 countries are considering establishing a permanent secretariat to better coordinate initiatives aimed at securing critical raw materials. The objective is to reduce dependence on China for minerals such as lithium, cobalt, and rare earth elements. Creating a permanent coordination body would ensure that such projects continue beyond the annually rotating G7 presidencies, Reuters reported, citing five sources familiar with the discussions. Possible locations for the coordination office include the OECD or its autonomous entity, the International Energy Agency (IEA), both headquartered in Paris.
However, disagreements persist, particularly over whether raw material reserves should be jointly managed or remain under national control. Europe, according to Reuters’ sources, favors maintaining national stockpiles and seeks to avoid an overly dominant leadership role by the United States. In February, the U.S. government presented its plans for reshaping the global market for critical raw materials to representatives from 54 countries and the European Union, positioning itself as a driving force in building a Western-oriented raw materials architecture.
For Thursday, France’s Minister for Industry and Energy, Roland Lescure, has reportedly convened an online G7 meeting, with critical raw materials also on the agenda.
Photo: via Canva, montage rawmaterials.net
