In a high-tech twist on hammering pickets into the ground, the US State Department has launched an online tool aimed at staking America’s claim to many of the world’s rare-earth minerals.
The US has become increasingly concerned about securing a stable supply of critical minerals used in car batteries, solar panels and wind turbines. Many of those resources are located in emerging markets that may be seen as too risky by American investors looking for “best-in-class” standards.
That raises the potential for “two really bad outcomes,” Francis Fannon, the US assistant secretary of state for energy resources, said in an interview. “Either the world will not get the minerals it needs in order to fuel energy transition technologies,” or “that investment would only come from those who are less concerned about governance issues, transparency, corruption, environmental standards and best practices.”