G7 Must Cut Rare Earths Dependency Without Delay, German Minister Warns
G7 Urged to Act Swiftly on Rare Earths Dependency
By Maria Martinez
G7's Current Reliance on Critical Minerals
PARIS, May 18 (Reuters) - G7 countries have options to choose among in their bid to reduce dependencies on rare earths, with no time to lose, German finance minister Lars Klingbeil said on Monday.
G7 governments are trying to coordinate efforts to reduce their reliance for critical minerals and rare earths on China, which dominates supply chains vital for technologies such as electric vehicles, renewable energy and defence systems.
Minister Klingbeil's Recommendations
"We should not fall into a tone of complaint," Klingbeil told reporters during a summit of finance ministers and central bankers from G7 countries in Paris. "Instead, we have to work on our strength."
Improving Procurement and Recycling Initiatives
Klingbeil said G7 countries must improve procurement and look at where production can be expanded. He also proposed recycling quotas, setting targets or requirements to recover and reuse a minimum share of critical raw materials, such as rare earths.
"So the proposals are all on the table and we have no time to lose," Klingbeil said.
Lessons from Recent Conflicts
He said the Iran war has exposed G7 countries' dependency on fossil fuels, just as the war in Ukraine exposed Germany's own dependency on Russian gas.
"We have to be very careful here not to run into the next dependency, one which, to be honest, we are already in," he said.
(Reporting by Maria Martinez; Editing by Makini Brice)
