G7 leaders said they agreed steps to strengthen critical minerals supply chains, including closer coordination to reduce dependence on a single external supplier, support for mining, processing and recycling projects, and cooperation with partner countries across the full value chain.
In a declaration issued at the summit in Evian-les-Bains on June 17, the group said critical minerals are important for economic security as well as digital and energy sectors. It cited concentrated markets, supply chain vulnerabilities, and the use of arbitrary trade restrictions and retaliatory measures as risks.
The leaders said they would promote coordinated projects through demand aggregation and the mobilization of public and private financing, aiming to reduce dependence on a single supplier outside the G7 and partner countries for rare earths and permanent magnets to below 60% by 2030 and lower it further over time, with an ambition to reach 50% as soon as possible.
They also committed to work toward harmonized and interoperable traceability and transparency mechanisms for the origin of critical minerals, beginning with pilot programs for lithium and nickel and expanding annually. The declaration also said stockpiling can support security of supply and market stability, and the group committed to developing domestic stockpiling capacity where appropriate, while establishing a joint cooperation mechanism with support from the International Energy Agency to share data and alerts on potential market stress or disruptions.