TECHNOLOGY
A ticking time bomb The rare-earth metals shortage is a ticking time bomb that requires immediate and collaborative action from both governments and the private sector . As Butler puts it : “ In my view a much higher level of priority needs to be allocated to this issue . At the most strategic level , a far greater degree of international cooperation is required , as we have highlighted in the article .” The BCG article ’ s key takeaways underscore the urgency of the situation : the global 2050 carbon emissions targets may be eclipsed by a rare-earth supply-demand imbalance unless swift , aggressive and purposeful action is taken . Upstream mining operations should be initiated immediately , and collaboration among public-private groups , regional and private partnerships , and industry consortia is crucial for risk-sharing and transparency .
The time to act is now . The rareearth shortage may not be uppermost in people ’ s minds , but it must be resolved — or it will become a bottleneck , significantly limiting the world ’ s chances to meet its carbon emissions goals .
Butler concludes : “ The rare-earth shortage may not be uppermost in people ’ s minds now , but it must be resolved – or it will become a bottleneck , significantly limiting the world ’ s chances to meet its carbon emissions goals . “ By 2035 , we expect to need roughly three times the current level of demand for rare earth magnets . As we have highlighted in the article , we will need roughly 30 new projects by 2035 in order to meet this demand . We are a long way from achieving this .”
This article ’ s analysis serves as a call for immediate action . The stakes are high , and the window for effective action is rapidly closing . It also serves as a blueprint for governments and industry stakeholders on how to navigate this complex issue . It ’ s not just about securing a supply of rareearth metals ; it ’ s about securing our future . With the clock ticking , the question is not whether we can afford to act , but whether we can afford not to . miningdigital . com 47