 | Get all the essential market news and expert opinions in one place with our daily newsletter. Receive a comprehensive recap of the day's top stories directly to your inbox. Sign up here! |
(Kitco News) The Group of Seven will pledge over $7.5 billion to secure a stable supply of critical minerals, NHK, the Japan Broadcasting Corporation, reported Friday.
The money will go to a joint mine development and other projects. And according to the report, it will be set up by the G7’s climate, energy, and environment ministers, who are meeting in Sapporo, Japan, over the weekend.
The announcement will come in the face of increased competition from countries like China to source enough critical minerals, such as lithium and nickel, that are essential in manufacturing semiconductors, electric vehicle batteries, and other green technologies.
The pledge will also promote recycling electric vehicle batteries to recover critical minerals, NHK said.
The G7 nations are expected to issue a statement after the meeting, with a call to reduce the annual energy consumption of manufacturing and other activities by 4%.
There is reportedly still disagreement on whether or not to ban the sale of new gas vehicles and coal-fired thermal power generation, and if so, when.
The G7 members include the U.S., U.K., Canada, France, Germany, Italy, and Japan.
