G7 Sets 2030 Goal to Limit Reliance on Any Single Supplier of Rare Earths and Magnets

G7 leaders agreed Wednesday to strengthen coordination on critical minerals and set a goal of limiting reliance on any single external supplier of rare earths and permanent magnets to less than 60 percent by 2030, with a longer-term target of 50 percent.

The group plans to align stockpiling strategies beginning with lithium and nickel. It will also create a new platform for policy coordination, data sharing, market monitoring, and crisis response that will work closely with the International Energy Agency.

The International Energy Agency will supply analysis and early warnings of supply disruptions and market distortions under the arrangement. Governments have announced 195 related projects totaling €64 billion, or $74 billion, in investment since the start of 2026.

The G7 pledged to support investment across the full supply chain from mining and processing to manufacturing through development finance institutions, export credit agencies, and private-sector partnerships.

The group is exploring joint procurement, subsidies, quotas, and price-support mechanisms. It also intends to expand domestic stockpiles and increase recycling capacity so that recycled materials form a significant share of critical mineral consumption by 2030. China controls about 90 percent of global processed rare earth and permanent magnet production.

Neha Mukherjee, research manager at consultancy Benchmark Mineral Intelligence, said the G7 statement signals intent but that the pace of diversification will depend on whether policy support translates into investment across the midstream and downstream parts of the value chain.