G7 finance ministers held talks in Washington on Monday with counterparts from other countries on access to critical raw materials. German Finance Minister Lars Klingbeil said the meeting focused on ways to improve the security of supply of critical raw materials that are vital for key technologies and whose production is often concentrated in several countries, including China. The DPA agency reported on this on Tuesday.
- G7 finance ministers discussed critical raw materials in Washington.
- They discussed the security of supplies of important materials for technology.
34 materials such as lithium, cobalt, rare earths, copper and aluminum are considered critical raw materials because of their special importance to the economy.
New cooperation proposals
Klingbeil said the participants explored the possibility of setting minimum prices for certain materials and establishing closer cooperation mechanisms between partner countries to stabilize access to these raw materials. He emphasized that the goal is cooperation between allies, not the creation of blocs against third countries. According to him, the emphasis is on diversifying supply chains, reducing dependence and strengthening resilience.
The meeting was attended by members of the G7 – the United States, the United Kingdom, Germany, France, Italy, Canada and Japan – as well as the finance ministers of Australia, India, Mexico and South Korea.
Urgency of solutions
Klingbeil said the issue of stable access to raw materials is urgent and that decisions should be reached within months, not years.
Further consultations are planned between the ministers of foreign affairs and energy.
The talks come as US President Donald Trump reiterated the United States’ claim to Greenland, which has vast deposits of rare earths. Several G7 members expressed their disagreement with the claim, stressing that Greenland’s sovereignty is a matter for Greenland and Denmark, of which the island is a part.
Meaning for technology
Critical raw materials are mineral raw materials (metals, minerals, natural materials) that are crucial for the economy, but at the same time face a high risk of insufficient supply, which can threaten key industries, especially in the context of digital and green transformation (electronics, renewable energy sources, batteries). They are essential for modern technologies and the functioning of the economy.
