Key facts
- G7 nations aim to limit China's rare earth supply to below 60% by 2030.
- The ultimate goal is to reach 50% of rare earth supply from sources outside China.
- A new platform will be established to coordinate policy, data sharing, and crisis response.
- The International Energy Agency will assist in monitoring markets and flagging risks.
- The G7 plans to align stockpiling mechanisms for critical minerals.
- Investment in critical mineral projects has reached €64 billion ($74 billion) since the start of 2026.
Group of Seven leaders have agreed to enhance coordination to decrease their countries' reliance on China for critical minerals. This initiative includes aligning stockpiling strategies and launching a new platform, with an expanded role for the International Energy Agency, to diversify supply chains. Western powers are actively seeking alternative sources for metals essential for defense, technology, and renewable energy, particularly after China's export curbs on permanent magnets disrupted global industries. The G7 aims to reduce dependence on any single supplier outside the group and partner countries for rare earths and permanent magnets to below 60% by 2030, with a long-term objective of reaching 50% as soon as feasible. The plan involves starting with pilot critical minerals like lithium and nickel, with subsequent expansion to five new minerals annually, focusing on rare earth elements. G7 development finance institutions and export credit agencies will collaborate with the private sector to support relevant projects and infrastructure, with 195 projects already announced since the start of 2026, attracting €64 billion ($74 billion) in investment. The group will also explore instruments such as price-gap subsidies, joint procurement, and trade-related measures like quotas and price floors.