Regional powers competing for leadership in critical minerals sector

In June, the leaders of the G7 nations and the EU convened in Kananaskis, Canada, to develop a shared agenda on securing the future of critical minerals. The Critical Minerals Action Plan, a framework for ensuring ethical and robust supply chains, was introduced at the end of the three-day summit. They also agreed on applying strategic policies, such as price floors and joint procurement to reduce reliance on China, which accounts for more than 70 percent of global rare earth mining.