G7 leaders launch Critical Minerals Action Plan
The plan aims to diversify responsible production and supply of critical minerals, encouraging investments in projects and local value creation.
It builds on the Five-Point Plan for Critical Minerals Security established during Japan’s G7 Presidency in 2023 and advanced by Italy in 2024.
The statement launching the new Action Plan reads, 'We recognise that critical minerals markets should reflect the real costs of responsible extraction, processing and trade of critical minerals, while ensuring labour standards, local consultation, anti-bribery and corruption measures and addressing negative externalities, including pollution and land degradation.
'We will develop a roadmap to promote standards-based markets for critical minerals, in collaboration with industry, international organisations, resource-producing nations, Indigenous Peoples, local communities, unions, and civil society.
'The roadmap will establish a set of criteria that constitute a minimum threshold for standards-based markets, strengthening traceability as a necessary measure. As part of these efforts, we will evaluate potential market impacts.
'We task relevant ministers to produce this roadmap, setting out milestones to be met in fulfilling this commitment, before the end of the year.'
The statement continues, 'Critical minerals are an opportunity to build mutually beneficial partnerships and drive economic development, innovation and shared prosperity. We will continue to work with emerging market and developing country partners to develop quality infrastructure, such as economic corridors.
'We will address investment barriers and support policy and regulatory reforms that improve the investment climate of our partners and empower entrepreneurs in low- and middle-income countries, including through the G20 Compact with Africa.
'Our approach will support local economic growth, build community trust, and reduce investment risks, creating the necessary conditions to attract responsible private capital.
'We will continue to support the development of responsible critical minerals projects through direct partnerships with each other and by promoting private sector investment. We encourage our export credit agencies and development finance institutions (DFIs) to identify more opportunities for collaboration. We also welcome the work of the G7 DFIs to enhance coordination on critical minerals projects as an important step.'
The statement adds, 'To build on this momentum, we encourage multilateral development banks, as well as private sector lenders, to make further capital available for investment in standards-based critical minerals projects, including through innovative financing. We also encourage them to leverage existing financing mechanisms to de-risk projects, maximise and mobilise private capital, and increase the resilience and security of global critical minerals supply chains.
'We are committed to deepening our cooperation with mineral-rich emerging market and developing country partners. We will help build their capacity; foster local value creation; create opportunities for all; promote responsible mining practices; combat gender-based violence in the mining industry; support the improvement of artisanal mining; and diversify global critical minerals value chains.
'In this spirit, to promote responsible mining-related activities in emerging mining nations, we welcome the G7 Finance Ministers commitment to strengthen the World Bank-led Resilient and Inclusive Supply Chain Enhancement (RISE) Partnership. Interested G7 members will also support initiatives such as the Minerals Security Partnership and its MSP Forum, and the Intergovernmental Forum on Mining, Minerals, Metals and Sustainable Development.'
An upcoming conference, to be chaired by the US in Chicago in September 2025, will advance this work.
More like this....
