The UK government has released its critical minerals strategy, which sets out how the country will secure critical mineral supply chains to ensure the energy transition, Secretary of State for Business, Energy and Industrial Strategy Kwasi Kwarteng said July 22.
The strategy aims to accelerate growth of the UK’s domestic capabilities, collaborate with international partners and enhance international markets to make them more responsive, transparent and responsible, Kwarteng said in the foreword of the strategy report.
“Critical minerals will become even more important as we seek to bolster our energy security and domestic industrial resilience – in light of Russia’s illegal invasion of Ukraine – and as we move away from volatile, expensive fossil fuels,” he said, adding that by 2040, global demand for critical minerals for clean energy technologies was expected to be four times higher than today.
“However, critical mineral supply chains are complex and opaque, the market is volatile and distorted, and China is the dominant player,” Kwarteng said.
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