Context: Ministry of Mines will organise an outreach programme on “Role of the Government and Industry in Driving the Global Action on Critical Minerals.”
Ministry of Mines Organises Outreach Programme on Global Action on Critical Minerals
- India’s G20 Presidency: The G20 New Delhi Leaders’ Declaration has a paragraph on the Critical Minerals.
- The Ministry of Mines has actively participated in G20 discussions and played a key role in ensuring that the G20 Community recognizes the significance of Critical Minerals in Energy Transitions.
What are Critical Minerals?
- These minerals are vital for both economic development and national security. The foundation of the future global economy will rely on technologies that are dependent on minerals like lithium, graphite, cobalt, titanium, and rare earth elements.
- Significance:
- Progress of Various Sectors: They are crucial for the progress of various sectors, encompassing high-tech electronics, telecommunications, transportation, and defense.
- Net Zero Transition: They are also vital to power the global transition to a low carbon emissions economy, and the renewable energy technologies that will be required to meet the ‘Net Zero’ commitments of an increasing number of countries around the world.
- Problem: The lack of availability of these minerals and concentration of extraction or processing in a few geographical locations may lead to supply chain vulnerabilities and even disruption of supplies.
What steps has India taken to strengthen the supply chain of critical minerals?
- Mines and Minerals (Development And Regulation) Act (MMDR): Ministry of Mines has made an amendment in the MMDR Act, granting the Central Government the authority to auction 24 identified Critical Minerals.
- Policy for Critical Mineral: Ministry of Mines is in the process of preparing a Policy for critical mineral which will include a road map for strengthening the supply chain of critical minerals.
- International Collaboration: Collaborative international efforts through multilateral and bilateral engagements have been made to build a resilient critical minerals value chain.
- For instance, the Ministry of Mine is actively engaging in new partnerships and alliances like the Minerals Security Partnership (MSP).
Further Reading: Critical Mineral Supplies Vital To Clean Energy Shift, Amendments to the Mines and Minerals (Development And Regulation) Act
News Source: PIB
November 28, 2023