G7 plans to establish a permanent institution to coordinate the supply of key minerals.

According to reports, five sources revealed that the G7 countries are discussing the establishment of a permanent secretariat to ensure that initiatives aimed at increasing the supply of critical minerals are not interrupted by the rotation of G7 presidency. The US and the EU agreed last month to deepen coordination on critical minerals such as lithium, cobalt, and rare earths. However, two of the sources disclosed that the European side rejected the idea of establishing a single shared reserve, preferring instead for each country to control its own reserves. The sources also said that European governments do not want the project to be led by the US, as they are concerned that access to critical minerals may be restricted in times of crisis. Since the beginning of this year, the EU has been advancing its own pilot project for critical mineral reserves, led by Italy, France, and Germany. These sources requested anonymity as they were not authorized to discuss the matter publicly. They indicated that the secretariat could be located at the International Energy Agency or the Organization for Economic Cooperation and Development, both based in Paris.