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THE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & LifestyleTHE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & Lifestyle

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G7 countries shouldn’t compete on renewables -Von der Leyen

U.S. President Joe Biden, Germany's Chancellor Olaf Scholz, Britain's Prime Minister Rishi... U.S. President Joe Biden, Germany's Chancellor Olaf Scholz, Britain's Prime Minister Rishi Sunak, European Commission President Ursula von der Leyen, President of the European Council Charles Michel, Italy's Prime Minister Giorgia Meloni, Canada's Prime Minister Justin Trudeau, France's President Emmanuel Macron and Japan's Prime Minister Fumio Kishida attend a working lunch meeting at G7 leaders' summit in Hiroshima, western Japan May 19, 2023, in this handout photo released by Ministry of Foreign Affairs of Japan. Ministry of Foreign Affairs of Japan/HANDOUT via REUTERS
U.S. President Joe Biden, Germany's Chancellor Olaf Scholz, Britain's Prime Minister Rishi... U.S. President Joe Biden, Germany's Chancellor Olaf Scholz, Britain's Prime Minister Rishi Sunak, European Commission President Ursula von der Leyen, President of the European Council Charles Michel, Italy's Prime Minister Giorgia Meloni, Canada's Prime Minister Justin Trudeau, France's President Emmanuel Macron and Japan's Prime Minister Fumio Kishida attend a working lunch meeting at G7 leaders' summit in Hiroshima, western Japan May 19, 2023, in this handout photo released by Ministry of Foreign Affairs of Japan. Ministry of Foreign Affairs of Japan/HANDOUT via REUTERS

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G7 countries shouldn’t compete on renewables. On Friday, a prominent European diplomat said the Group of Seven (G7) affluent nations should collaborate to access technologies and acquire vital minerals for a green transition, establishing manufacturing capacity rather than rivalry.

After Russia’s invasion of Ukraine disrupted decades-long energy supply systems, the G7 is boosting its green technology push. The group also seeks to reduce China’s dominance in vital mineral supply.
“Despite all geopolitical difficulties, the clean energy transition is accelerating,” European Commission President Ursula von der Leyen told a G7 leaders’ summit in Hiroshima on Friday.

“Now that the G7 are in this race together, our competition should create additional manufacturing capacity and not come at each other’s expense,” she said.

G7 nations aim to be carbon-neutral by 2050 by using wind, solar, and other renewable energy.

By 2030, the EU plans to process 40% of its vital raw materials, dramatically reducing its dependence on China. For example, China supplies over 90% of wind power and battery materials.

Von der Leyen suggested that the G7 set global clean manufacturing capacity targets and form stronger green partnerships “among ourselves but also with other trusted partners.”

“Where we have specific concerns regarding fair competition, we should find ways to address them,” she said. “I hope this G7 meeting will advance a Critical Raw Materials Club.”

The government of G7 member Canada is helping manufacturers and processors scale up the lithium, cobalt, and nickel output required to make electric car batteries.

Australia, a non-G7 nation, has granted vital mineral firms the to accelerate battery chemical sector development. The G7 conference, which ends Sunday, hosts Australian Prime Minister Anthony Albanese.


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