Mains Question:
Q1. The energy transition has picked up momentum, driven by new emerging technologies such as electric vehicle. However, this poses a significant challenge to the metals sector in terms of resource availability. Examine (150 words)
Approach
- Introduction- increased focus on reducing carbon emission
- Increased pressure of resource
- Critical minerals supply and demand challenges
- Lack of availability and increasing demand pressure
- Increasing regionalization of supply chain
- High exploration costs and limited investment
- High production costs
- Geopolitical issues
- Wrap up with way forward
- Effective utilization
- Ensure adequate levels of government support
- Drive cross-country collaboration
- Foster collaboration along the value chain
- Circular economy
Context
At the recently concluded summit of G7 leaders in Germany, U.S. President Joe Biden and his allies unveiled their $600 billion plan called the Partnership for Global Infrastructure and Intelligence which is being seen as a counter to China’s Belt and Road Initiative (BRI), valued at a trillion U.S. dollars by some experts.
What is China’s Belt and Road Initiative?
- Vision- In 2013, Chinese President Xi Jinping, during his visits to Kazakhstan and Indonesia, expressed his vision to build a Silk Road Economic Belt and a 21st Century Maritime Silk Road, to break the “bottleneck” in Asian connectivity.
- Investment- The initiative envisioned a Chineseled investment of over $1 trillion in partner countries by 2025.
- Partnership- More than 60 countries have now joined BRI agreements with China, with infrastructure projects under the initiative being planned or under construction in Asia, Africa, Europe, and Latin America.
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