Solar panels. Wind turbines. Electric vehicle batteries and motors. These are just four of the things that need one or more of a group of minerals known as
rare earths. Incidentally, these are also four of the things the EU is basing its future on. And it produces next to none of these critical rare earths.
Like lithium, rare earths are abundant. Deposits large enough to make economic sense, however, are only found in a limited number of areas around the world, with the largest deposits discovered so far in China. Rare earth exports are a lucrative business for Asia’s biggest economy, where it has virtually established world domination. And this domination is not good news for Europe or the United States, for that matter.
Business Planet heads to Greece to find out what Europe is doing to secure the finite resources that will be critical for high-tech and the renewable energy revolution.
Rare earth metals and other key minerals are transforming the world. They are the key ingredients for the magnets, motors and batteries, used in high-growth sectors like electric car and wind turbine production.
Rare earth elements are essential for the production of almost all the industrial products of our society. From cell phones, to solar cells, to wind turbines. If we want to preserve the quality of our life and also have a smooth transition to the green economy, it is important to secure the supply of these materials.
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