Europe falling behind in critical minerals race

China already dominates the global supply of solar power components and Europe has minimal production and processing capacity for key materials used in battery storage like lithium, nickel, cobalt, manganese, high-purity graphite, as well as rare earths and permanent magnets for wind turbines and electric motors, Ruben Davis, Senior Policy Officer at Cleantech for Europe, told Reuters Events.

Importantly, China dominates critical minerals processing, holding 81% of global capacity, Wood Mackenzie said.

the EU sources 93% of its permanent magnets for wind turbines from China, according to the Centre for Strategic and International Studies.

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