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Critical for a Green Future
Context:
There is a vital role of critical minerals in India's clean energy transition. India needs to focus on curbing the challenges in global supply chains and strengthen self-reliance and international partnerships.
The Significance of Critical Minerals for Clean Energy Transition
- Importance of Critical Minerals: Critical minerals like cobalt, lithium, and rare earth elements are crucial for clean energy technologies.
- Key to India's Sustainable Energy Goals: They are vital for achieving India's sustainable energy goals and reducing emissions as outlined for 2030.
- Reliable Supply Chains for Critical Minerals: The G20 Energy Transitions Ministers emphasize the need for reliable and sustainable supply chains of these minerals.
Challenges in Global Critical Minerals Supply Chains
- Surge in Mining: Global demand for clean technologies has led to a substantial increase in the mining of critical minerals.
- Complex Supply Chains: Vulnerabilities in supply chains are vulnerable to disruptions from trade treaties, geopolitical issues, and natural disasters.
- Securing Supply Chains for National Security and Independence: Securing the supply chain is crucial for reducing import dependence, strengthening national security, and fostering a domestic value chain.
India's Initiatives for Atmanirbhar Bharat in Critical Minerals Sector
- Efforts: The government, led by Prime Minister, is committed to developing the domestic critical minerals sector.
- Policy reforms: Including amendments to the Mines and Minerals Act, have been implemented to support exploration, processing, and recycling.
- Involvement of States: Cooperative federalism is demonstrated by exclusively auctioning concessions related to critical minerals, benefiting state governments' revenue receipts.
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