UPDATED 8:09 AM PT – Thursday, May 6, 2021
The International Energy Agency (IEA) warned Joe Biden’s policies are bolstering Chinese control over the global supply of critical minerals.
In a new report, the IEA said the U.S. is lacking a stable supply of rare earth materials along with copper, cobalt and lithium. The agency pointed out that China controls between 60 and 90 percent of the supply of such minerals, which are mainly used in advanced electronics and clean energy production.
Back in 2019, President Trump took steps to boost America’s own supply, but the IEA said those efforts were not enough and the U.S. must diversify its sources of rare elements.
“As you can see on the screen for lithium, cobalt and rare earth elements, the world’s top three producing nations control well over three quarters of global output,” explained Tim Gould, the IEA’s head of division for energy supply outlooks and investment. “And in some cases ,a single country is responsible for around half of worldwide production.”
Production & processing of many critical minerals are concentrated in just a few countries. In some cases, the top 3 producers generate over 75% of supplies.
— International Energy Agency (@IEA) May 6, 2021
However, Democrats believe the mining for rare earth minerals is bad for the environment and must be stopped, which ultimately benefits China.