The G7 nations have set an ambitious target to reduce global reliance on Chinese rare earth minerals, aiming to ensure that no single country supplies more than 60% of these critical imports by 2030.
Rare earth elements are essential components in numerous high-tech industries, including electric vehicles, renewable energy infrastructure, defence equipment and advanced electronics. At present, China dominates the global rare earth supply chain, controlling a substantial proportion of both mining and refining capacity worldwide.
This strategic initiative reflects growing concerns among Western economies regarding supply chain vulnerabilities and the geopolitical risks associated with concentrated dependence on a single source. By diversifying supply, G7 members hope to strengthen economic resilience and safeguard access to materials vital for the green energy transition and national security.