Reference:Indian Express
Context: India is now formally a part of the Minerals Security Finance Network, a US-led initiative aiming to strengthen cooperation among members to secure supply chains for critical minerals.
About Mineral Security Finance Network:
- MSFN: A US-led initiative, part of the Minerals Security Partnership (MSP), to secure global supply chains for critical minerals.
- Global Focus: Aims to reduce dependency on China for minerals like lithium, cobalt, nickel, and rare earths, crucial for clean energy and electronics.
- Key Objectives:
- Uniting Development Finance Institutions (DFIs) and Export Credit Agencies (ECAs) to fund critical mineral projects.
- Promoting public-private cooperation to meet global mineral demand.
- India’s Role: India’s inclusion aligns with its EV, electronics, and semiconductor push, ensuring a steady mineral supply.
- China’s Dominance: China controls 70% of rare earth production, with a robust processing infrastructure for minerals like cobalt from Africa.
