UK's Clean Power 2030 Relies on Global Supply of Critical Minerals
The UK's Clean Power 2030 initiative necessitates engagement with global supply chains for critical minerals, as domestic resources are insufficient. The Foreign Commonwealth & Development Office (FCDO) emphasizes the imperative for responsible sourcing and international collaboration to alleviate potential supply shortages, particularly of copper, projected to face a significant deficit by 2035.
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The UK aims to enhance energy security through its Clean Power 2030 mission, dependent on global supply chain contributions for critical minerals. Currently, the UK government does not maintain a critical minerals stockpiling regime, unlike the US and China, placing the onus on businesses to manage their supply chains effectively.
Critical minerals policy coordination is chiefly handled by the Department for Business and Trade (DBT), with the FCDO focusing on international relations and responsible sourcing. Notably, copper is projected to face a 20% supply shortfall by 2035, which may hinder grid expansion.
The government encourages companies to conduct supply chain audits to mitigate risks associated with mineral shortages. The long lead times for new mines, averaging around 17.9 years, complicate immediate solutions, particularly given China's market dominance.
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