Green Future
Current Situation:
- A recent G20 Leaders’ Summit is taking place in New Delhi, and there is growing agreement over the significance of essential minerals for the switch to renewable energy.
- As stated in the final report of the G20 Energy Transitions Ministers meeting in Goa, “such critical minerals and materials must continue to be supplied through reliable, responsible, and sustainable supply chains.”
Important minerals and their importance:
- Clean technologies like solar panels, wind turbines, and batteries employ vital minerals including cobalt, lithium, silicon, graphite, and rare earth elements (REE).
- By implementing these technologies, India may achieve its sustainability goals of 500 GW of non-fossil power generation by 2030 and a 45 percent reduction in emissions from 2005 levels by that same year.
- Because they have no practical alternatives, these minerals can be considered the foundation of modern civilisation and essential to a country’s economy and national security.
For key minerals, a reliable supply network is crucial:
- Global mining of some essential minerals has increased as a result of the rising demand for clean technology.
- The annual production of important minerals including lithium, REE, and cobalt increased by 240%, 134%, and 67%, respectively, according to a report by the Union Ministry of Mines.
- The current mine production already exceeds 2% of the world’s reserves for minerals including cobalt, copper, and nickel.
- However, because of their complexity and susceptibility to unanticipated interruptions brought on by trade treaties, geopolitical events, and natural disasters, important mineral supply chains operate on a worldwide scale.
- Reduce our reliance on imports, boost national security, and build a domestic value chain to meet the expanding demand by securing the supply chain of essential minerals.
Government initiative to improve Atmanirbhar Bharat’s important mineral exploration:
- The government is committed to the expansion of the domestic essential minerals sector with an emphasis on exploration, processing, use, and recycling in order to further the goals of Atmanirbhar Bharat.
- Through significant modifications to the Mines and Minerals (Development & Regulation) Act, 1957 in 2015, 2020, 2021, and most recently in 2023, policy improvements have been carried out.
- This called for the issuance of mining permits and composite permits for mine development via a clear and time-bound procedure.
- Furthermore, the National Mineral Exploration Trust (NMET) is sponsoring the exploration of vital minerals through the empanelled commercial organisations.
- By providing a provision for Exploration Licences (EL) for deep-seated and important minerals, the MMDR Amendment Act, 2023 also aids mining. Additionally, six minerals from the list of the 12 atomic minerals were left off, including lithium.
Promoting fiscal federalism and vital mineral exploration:
- The federal has accepted responsibility for alone conducting auctions for concessions relating to 24 essential minerals, while ensuring that the relevant state governments get the proceeds.
- This action will strengthen state governments’ income collections, strengthening their financial situation.
International cooperation is required:
- A robust value chain for key minerals can be created through cooperative international efforts through multilateral and bilateral engagements in addition to strengthening domestic systems.
To meet our goals, we must work together, thus the government is establishing new alliances and partnerships in the area of vital minerals, including India’s entry into the
- Partnership for Mineral Security (MSP)
- the initiatives made by Khanij Bidesh India Ltd (KABIL) to look for chances to acquire minerals in nations like Chile and Argentina.
India’s role in the G20 conference in ensuring future access to essential minerals:
- Incorporating innovation and environmental and social governance would boost our efforts to safeguard India’s important minerals for the future as the G20 discusses the voluntary high-level principles on critical minerals.
- Under India’s G20 leadership, the goal of “One Earth, One Family, One Future” emphasises the significance of our shared objectives for emission reduction and climate change mitigation for a shared future.
Conclusion:
- India will take a leadership position in our work on vital minerals as a result of the foundation set during its G20 chairmanship.
