However, as the demand for green technologies is set to increase significantly in the coming years, establishing robust and reliable supply chains for rare earth elements will be vital in achieving climate goals. The recently announced government funding will enable cutting-edge research to enhance recycling for these critical minerals.<\/p>\n
Nusrat Ghani, Minister of State at the Department for Business and Trade, commented: \u201cRare earth elements underpin so much of what makes everyday life and work possible, from the cars we drive to the phones we use. It is essential that, in a rapidly changing world, we do all we can to ensure resilient supplies of these and other critical minerals.<\/p>\n
\u201cThe impact of Russia\u2019s illegal war in Ukraine on energy prices has been a timely reminder of how important supply chains are for all parts of our economy. That\u2019s why we are laser-focused on securing robust supply chains for the growing, green industries that will deliver jobs and prosperity across the UK in the decades to come.\u201d<\/p>\n
Why rare earth elements are key to the green transition<\/h3>\n
Currently, rare earth elements are sourced from a small number of countries, which puts the UK\u2019s supply chain in jeopardy. These supply chains are complex and volatile, meaning that UK jobs and industries are vulnerable to geopolitical events such as Russia\u2019s invasion of Ukraine and market shocks.<\/p>\n
Moreover, it is estimated that the production of some critical minerals will need to increase by as much as 500% by 2040. Due to this, the UK Government is working diligently to diversify its critical minerals assets, refreshing the delivery approach of the UK\u2019s\u00a0Critical Minerals Strategy<\/a>, which is scheduled to be published later in 2023.<\/p>\n The funding will be employed to launch the CircuLar crItical MATErials Supply chains (CLIMATES) programme, which will be delivered by Innovate UK.<\/p>\n The project will advance rare earth elements research, innovate rare earth recycling technologies, and collaborate with international partners to identify and address any future skills shortages. CLIMATES will also aim to acquire private investments to reinforce these critical minerals supply chains.<\/p>\n Mike Biddle, Executive Director for Net Zero at Innovate UK, explained: \u201cNow is the time to build UK capability and a sustainable supply of rare earth elements, working with international partners. The rising costs of energy have demonstrated the importance of resilient global supply chains. Our\u00a0CLIMATES\u00a0programme will work with businesses, investors, and industry bodies to deliver a series of activities, from funding competitions to networking events and workshops, all designed to drive growth in the sector and build resilient supply chains to help us strengthen our economy and meet our environmental targets.\u201d<\/p>\n In addition to the CLIMATES programme, the UK is pioneering various critical minerals projects. In July 2022, Pensana launched the country\u2019s first \u00a3145m magnet material refining facility in East Yorkshire, which will play a critical role in the UK\u2019s EV supply chain.<\/p>\n![\"\"](\"https:\/\/www.innovationnewsnetwork.com\/wp-content\/uploads\/2023\/02\/\u00a9-shutterstockPhawat_2077309978-1.jpg\")
\u00a315m funding will develop the CLIMATES\u00a0programme<\/h3>\n
UK efforts to safeguard critical minerals supply chains<\/h3>\n