The G7, formed in 1975, is an intergovernmental political
forum of seven member states of Canada, France, Germany, Italy, Japan, the United Kingdom,
the United States and
the European Union (EU). Historically, these countries are amongst
the most influential ones, with significant political, economic,
and military power. Japan assumed the G7 Presidency for 2023 and
the 49th G7 Summit is scheduled to be held from
19-21 May 23 at Hiroshima.
Considering the increasing role of other countries in global
politics, the G20 (Group of Twenty) was created which included
emerging economies such as Argentina, Australia, Brazil, China,
India, Indonesia, Mexico, Russia, Saudi Arabia, South Africa, South
Korea and Turkey, along with the countries of the G7. Though the
G20 was formed in 1999, initially it was attended only by finance
ministers and central bank governors. The G20 represents over 80%
of global GDP and two-thirds of the worlds population and provides
a platform for both advanced and emerging economies to discuss and
implement coordinated international responses on globally important
issues, making it the premier forum for economic cooperation. India
assumed the G20 Presidency for 2023 and the 18th G20 Heads of State
and Government Summit will be held in New Delhi
in September 2023.
Importance of critical minerals
Critical minerals are those non-fuel minerals that are essential
for the economic and national security of a country, but are
vulnerable to supply chain disruption. These include lithium,
cobalt, graphite, copper, rare earth elements, and platinum group
metals, amongst others. These minerals are essential for clean
energy technologies such as wind turbines, solar PV panels, storage
batteries and electric vehicles. Therefore, their availability
plays an important role in the sustainable energy transition.
The supply-demand gap of critical minerals in widening. The IEA
forecasts that, driven by increasing deployment of clean energy
technologies, the overall demand for critical minerals could
increase by as much as six times by 2040, with the demand for
lithium, graphite, cobalt and nickel increasing...