As the U.S. turns to Canada for ‘critical minerals,’ Europe might come to rely on the historic mining hub of Sweden
The rush to secure green-energy metals is bringing new life to one of the world’s oldest mining hubs. Like the U.S., Europe is worried that it is too reliant on China for supplies of once-obscure natural resources, such as lithium and rare-earth metals, that are seen as climate-friendly successors to oil and gas.
The European Union is due to announce policies to improve its green-energy security in a “critical raw materials act” next month. Self-sufficiency targets are among the options being discussed.
The U.S. is following a similar path, most aggressively through its new electric-vehicle tax credits. Last year’s Inflation Reduction Act stipulated that half of the credits’ $7,500 value per car would depend on manufacturers sourcing a rising proportion of “critical minerals” domestically or from trade partners, though the details are still being worked out.
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