Indian Prime Minister Narendra Modi has said there is a risk of a “new model of colonialism” if nations holding reserves of critical minerals fail to see stewardship as a “global responsibility” as companies race to secure resources crucial to the objectives of the economy. energy transition.
“We are experiencing the challenge of critical materials, rare earths and others. These things are abundant in some places and non-existent in others, but all of humanity needs them,” Modi said during a Business 20 meeting this Sunday in New delhi.
“Those who do, if they don’t see it as a global responsibility, will be promoting a new kind of colonialism. That’s my warning.”
The comments come at a time when adequate stocks of minerals critical to the transition to more sustainable energy are far from guaranteed for everyone amid challenges such as uneven geographical diversification of resources.
In 2022, China held 70% of rare earth mineral production and is home to 85% of global processing capacity. This year, the country imposed export restrictions on gallium and germanium, used to make computer chips and other components, a move seen as retaliation for the United States’ restriction on sales of the technology to China. Modi said India can build an efficient and reliable supply chain, in contrast to their pre-COVID situation, when “they went down when the world needed them most.”
Source: Terra
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