#US Needs 10X More #RareEarth Metals To Hit #Biden’s Electric Vehicle Goals
The United States needs ten times the amount of rare earth metals it currently has to meet President Biden’s ambitious 2030 EV goals, according to one CEO in the business. And it needs 20 to 25 times more to meet the burgeoning needs of the green economy — and the military — as we increase investment in wind power, electric vehicles, and even cell phones to the year 2050.
To meet even part of that goal with domestic supply of rare earths seems almost impossible. And foreign sources are increasingly problematic.
The U.S. doesn’t necessarily need to cover 100% of its own needs for rare earth metals, Althaus says, even if that might be nice.
Even 50-60% would help ensure that the global supply is not weaponized by China — which did cut off supply to Japan for 40 days in 2010 in an international spat over territorial waters.
Today, even China is a net importer of rare earths: part of the reason for the countries expansive Belt and Road initiative.