Ministers of the G7 group (Canada, France, Germany, Italy, Japan, the United Kingdom and the United States), with support from the International Energy Agency, have proposed a Five-Point Action Plan for Critical Minerals Security.
It includes a medium and long-term demand-supply outlook, increased recycling and sharing of capabilities, innovation in resource-sharing, and preparation for supply disruptions.
After a two-day meeting in Sapporo under Japan’s 2023 Presidency of the G7, Climate, Energy and Environment Ministers issued a communiqué setting out aims to strengthen energy security and accelerate progress on clean energy transitions.
The communiqué covers key areas such as efforts to improve energy efficiency, accelerate the deployment of renewables, scale up low-emissions hydrogen, and bring down emissions from road transport and heavy industry.
For critical minerals, a major area where international cooperation is needed to ensure secure clean energy transitions, the Ministers committed to a Five-Point Plan for Critical Minerals Security, which will be supported by IEA by it producing medium- and long-term outlooks for critical minerals demand and supply to help inform decision making.
Stressing the importance of energy efficiency for both energy security and clean energy transitions – especially in the context of the current energy crisis – the G7 Ministers asked the IEA to “assess the impacts demand reductions measures have already had in response to current pressures to identify and share best practices, and make recommendations”.
The Ministers also said they will invite the IEA with support from relevant organisations to “report on the various actions to accelerate the phase-out of domestic unabated coal power in a manner consistent with a just transition”.
IEA Executive Director Fatih Birol addressed the G7 Ministers on the first day of the Sapporo meeting. He highlighted that the clean energy economy is emerging faster than many people think, notably in areas such as solar PV, electric cars and heat pumps – and he urged governments to carefully take these developments into account in their policy actions.
Dr Birol also underscored the importance of making supply chains for clean energy technologies more secure, diverse and sustainable – an area that was analysed in detail in the IEA’s recent Energy Technology Perspectives 2023.
The communiqué can be accessed here.