Key facts
- G7 nations aim to limit China's share of global rare earth supply to below 60% by 2030.
- G7 plans to coordinate stockpiling of critical minerals.
- A new market monitoring platform will be launched with the International Energy Agency.
- China has implemented new regulations governing strategic minerals.
- China's new rules enhance oversight from exploration to stockpiling.
- China's regulations aim to bolster national security and industrial competitiveness.
G7 nations are collaborating on a strategy to decrease their reliance on China for critical minerals, specifically rare earths. The group has set an ambitious target to limit China's share of the global rare earth supply to below 60% by the year 2030. To achieve this, the G7 plans to coordinate stockpiling efforts among member nations. Furthermore, they intend to launch a new platform in conjunction with the International Energy Agency (IEA) to enhance market monitoring and identify potential risks related to critical mineral supply chains.
In parallel, China has implemented a comprehensive set of new regulations designed to exert tighter control over its strategic minerals. These sweeping rules cover all stages of the mineral lifecycle, from initial exploration and extraction to the crucial processes of stockpiling and the establishment of legal liabilities. The stated objectives behind these stringent regulations are to bolster China's national security interests and to enhance its industrial competitiveness on the global stage.