Digital Transformation Slows Down the Global Economy
US Initiates Self-Reliance Of Rare Earth Elements In 2024
By Shubhendra Anand , 26 June, 2024
Sustainable development includes several changes in the energy market. It is necessary to reduce greenhouse gas emissions in the environment. The clean energy transition has adopted several shifts in the energy markets. These changes comprise- from conventional fossil fuels to renewables, fuel-run vehicles to electric vehicles, and others. The adoption of renewables has changed the dynamics of the environmental system. Conventional fossil fuels are placed lower in the rank of priorities. However, studies have proven that coal can be adopted in the energy market to support the green energy revolution in 2024.
Since the beginning of 2024, the world has undergone many changes in the energy market. This is due to the growing requirement for renewables and other replacements to enhance the sustainability process. The United States has decided not to depend on China for the semiconductors and other raw materials needed for transformation in 2024. Hence, the United States has agreed to self-reliance on renewables to avoid supply chain disruptions and dependency on China. However, China dominates the international energy market due to its years of investment. China is also the hub for major rare earth elements globally. According to survey data, 70 percent of the world's rare earth element extraction is in China.
Globally, countries are facing issues with eradicating coal from the energy market. The United States is included among those nations, too. However, the United States is finding several ways to extract rare earth elements from existing coal mines in the country. The United States energy market claims that finding different ways to extract rare earth elements is effective.
Global market of rate earth elements
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Shubhendra Anand
Head Research
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