Indian Prime Minister Narendra Modi told there is a peril of a “fresh model of colonialism” if countries with important minerals do not regard guardianship as a “global responsibility”, as firms work to save resources central to energy transition aims. “We are dealing with this problem for critical materials, rare earths and similar kinds of things.
These things are available in several places bit do not have their existence completely in some of the other areas, but all of humankind requires them,” Mr Modi revealed at a Business 20 summit in New Delhi on Sunday. “The ones who hold them, if they don’t understand that as a global responsibility, then this will lead to a fresh model of colonialism.
I am ringing a warning bell by saying this,” he said. The opinions and remarks come as sufficient supplies of minerals critical for the transition to environmentally friendlier energy are farfetched from assured amid problems like resources’ uneven geological diversity. China is seen to have 70 per cent of world mine production of rare earths in the year 2022 and is where at least 85 per cent of global processing capacity is available.
In 2023, it implemented export limitations on gallium and germanium for utilising in computer chips and other components – a move majorly recognized as retaliation for US curbs on technology sales to China and which led to problems over more limitations.