European Union & US government form new forum to secure critical mineral supply chains, boost production, secure ESG standards & promote fair competition
The European Union (EU) and the US have formed the Minerals Security Partnership Forum, to promote cooperation around critical raw materials (CRMs), which are vital in the global quest to move to net zero carbon emissions.
The MSP is a collaboration of 14 countries and the EU to catalyse public and private investment in responsible critical minerals supply chains globally.
MSP partners include Australia, Canada, Estonia, Finland, France, Germany, India, Italy, Japan, Norway, the Republic of Korea, Sweden, the UK, US, and the European Union (represented by the European Commission).
The EC’s Critical Raw Materials Club now becomes part of the MSP Forum. The Club was formed in March this year as a way for the EC to build relations with partners keen to develop their own critical raw materials industries.
The work of the MSP Forum will help:
- Support and accelerate sustainable critical minerals projects
- Boost sustainable production and local capacities
- Foster regulatory cooperation to promote fair competition, transparency and predictability
- Secure high ESG standards in CRM supply chains.
Minerals Security Partnership key to critical minerals
Membership of the MSP Forum will be open to partners “who are ready to commit to the key MSP principles”, says the EC. These include:
- Diversification of global supply chains
- High environmental standards
- Good governance and fair working conditions.
The EU and US – together with other MSP partners in Kazakhstan, Namibia, Ukraine, and Uzbekistan – are reaching out to prospective members in North and South America, Africa, Asia and Europe.
The EC says the newly created Forum “is an ambitious joint initiative” to bring together resource-rich countries and countries with high demand for critical mineral resources.
In launching the MSP, the US Department of State said: “Diverse, secure and sustainable supply chains for critical energy minerals are vital to deploying technologies at the speed and scale necessary to combat the climate crisis.”
Earlier this year, the EC introduced the Critical Raw Materials Act, which is designed to guarantee a supply of minerals crucial for the region’s green and digital transitions, and to end EU dependence on Chinese supplies. The Act will also help Europe become a manufacturing base for electric vehicles (EVs), wind turbines and other green goods.
In related news, one of the largest investment companies in Ukraine – BGV Group Management joined British parliamentarians at the Houses of Parliament to discuss a British-Ukrainian partnership in the field of critical minerals mining.
The meeting is part of a programme to help the UK develop advanced technologies and promote the transition to clean energy.
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