The security and resilience of supply chains for critical minerals and materials are a major strategic concern. This is particularly relevant for clean energy technologies, where a secure supply is crucial for deployment and advancement.
The European Union, in its "Critical Raw Materials Resilience" report, emphasizes the need for increased supply capacity within the EU to enhance "strategic autonomy" and mitigate the risks of global supply chain disruptions. The COVID-19 pandemic highlighted the vulnerability of global supply chains, demonstrating how quickly and severely they can be impacted.
Beyond the pandemic, other challenges facing strategic sectors and supply chains include:
- Geoeconomic Rivalries: Clean energy technology has become a key area of competition between nations. Securing access to critical minerals and materials is essential for maintaining a competitive edge in this field.
- Climate Change: The anticipated expansion of clean energy technology to address climate change further emphasizes the need for a secure supply of critical minerals.
- Supply Chain Brittleness: The COVID-19 pandemic exposed the fragility of global supply chains, particularly those concentrated in small geographic areas. This highlights the importance of diversifying supply chains and building resilience.
- Growing Demand: Increased demand for critical minerals and materials across vital sectors can exacerbate dependence on baseline supply, making disruptions more impactful.
- Valorisation Chain: Strengthening the valorisation chain, which involves research, funding, and entrepreneurial culture, is crucial for fostering industry champions and ensuring a secure supply of critical materials.
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