On 30 March, the UK Government released a package of policy plans related to decarbonization and energy initiatives it has termed “Powering Up Britain”. Originally promoted as “green day” in Whitehall, many saw the release as the Government’s potential unveiling of a new, more detailed plan for achieving net zero emissions, as well as the UK’s response to substantial state subsidy programs announced by the US and EU. More recently, the Government sought to temper those expectations, with the release being rebranded “Energy Security Day”.
Baker McKenzie’s Global Guide to Critical Minerals examines the status and strategic legal background for critical minerals across a number key mining jurisdictions, as well as the applicable legal and regulatory framework for their extraction, highlighting the rapid change in the critical minerals space as the energy transition accelerates.
On 22 July 2022, the UK government published a policy paper entitled “Resilience for the future: The UK’s critical minerals strategy” (UKCMS). The UKCMS outlines how the UK will secure critical mineral supply chains to ensure the energy transition. It also sets out the UK state support for domestic production of critical minerals as well as enabling the supply from third-party nations.
On 26 June 2022, US President Joe Biden together with G7 officially launched the Partnership for Global Infrastructure and Investment (PGII). G7 leaders pledged to raise USD 600 billion in private and public funds over five years to finance the required infrastructure in developing countries.
Based on the initial information available, the scope of the PGII is wide and includes tackling the climate crisis, bolstering global energy security, developing clean energy supply chains, strengthening cybersecurity and further developing digital and health infrastructure. It also focuses on gender equality and equity.