Rare earth elements may be in short supply but they are not rare. Even the rarest, thulium, is more than 100 times more common than gold. But only a few countries – such as the US, Australia and Brazil – contain deposits substantial enough to mine. Crucially, climate solutions – such as solar energy, wind energy and electric vehicles – depend on rare earth elements, which have unique magnetic and luminescent properties. The trouble is that their production and disposal is environmentally destructive. It is worrying, therefore, that the European Union this week said that it wants lower regulatory barriers to mining raw materials needed for a green transition.
To get to net zero, Europe will require up to 26 times the amount of rare earth metals in 2050 compared with today. Demand is also increasing because of digitalisation. The EU, like the UK, is dependent on imports, while the geopolitics of supply chains are increasingly unstable. China is the world’s largest producer of rare earths. Russia is the fourth-largest supplier. The west views this as a significant potential threat to its security of supply. Given Russia’s attempts to weaponise its gas supplies, this is not an unreasonable belief.
Consumers would notice if supplies were disrupted. Rare earths are critical to clean energy technologies used today; every Toyota Prius has more than 20 pounds of lanthanum in its battery. It’s not only the future of the planet at stake, it’s the future of our defence too. Nato is almost 100% dependent on rare earth imports from China. A US Virginia-class submarine requires about four tonnes of rare earth materials. China has been willing to use key minerals as a political weapon. After tensions between Beijing and Tokyo boiled over
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