U.S., Canada, others ink pact for critical minerals supply

The U.S. State Department said recently that the country has entered an agreement with Canada and other countries to secure supplies of critical minerals like lithium, cobalt and nickel.

According to a report by Reuters, which cited department undersecretary Jose Fernandez, as global demand continues to rise, more minerals will be needed to meet emissions reduction goals and satisfy the push for clean energy, thus the new Minerals Security Partnership.

“You will need six times more lithium by 2050 than you use today in order to meet the clean energy goals,” Fernandez said, adding that Canada “is an important supplier of critical minerals.”

He also told Reuters that minerals are used in diverse applications: batteries, electric vehicles, wind turbines and solar panels are just a few.

The Minerals Security Partnership, the State Department pointed out, will “catalyze investment from governments and the private sector for strategic opportunities…that adhere to the highest environmental, social, and governance standards.”

Other countries involved in the partnership include Australia, Finland, France, Germany, Japan, South Korea, Sweden, the United Kingdom and the European Commission.

The U.S. government, according to the report, has been working with Canada to boost regional supply chains to counter China’s dominance in the sector.

Source: Reuters

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