G7 leaders have launched a critical minerals action plan to secure the supply of materials key to many clean energy technologies, Kallanish reports.

The group, which comprises Italy, the US, France, Germany, the UK, Canada and Japan, as well as the European Union, announced the plan during the G7 summit held in Kananaskis, Canada. It outlines working together to protect “economic and national security,” increase investments in “responsible” critical minerals projects, and promote innovation in mineral processing, recycling, and substitution.

“We have shared national and economic security interests, which depend on access to resilient critical minerals supply chains governed by market principles,” they say in a joint statement. “We recognise that non-market policies and practices in the critical minerals sector threaten our ability to acquire many critical minerals, including the rare earth elements needed for magnets, that are vital for industrial production.”

The plan builds on the five-point plan for critical minerals security initiated under Japan’s presidency in 2023, which was advanced by Italy last year. It includes monitoring for critical minerals shortages, coordinating responses to “deliberate market disruption,” and diversifying and onshoring supplies, where possible. 

“Immediate and scaled investment is required to secure future supply chains and ensure promising mining and processing projects overcome barriers such as delays in permitting and approvals processes, market manipulation, and price volatility,” the statement adds.

The strategy comes at a time when China, which controls a majority of the supply of many critical minerals, implemented export curbs on seven medium and heavy rare earths in April. The move came amid retaliation for the tariffs introduced by US President Donald Trump. However, the two countries reached a framework agreement last week to progress a trade truce.