Indian Prime Minister Narendra Modi said there is a risk of a “new model of colonialism” if nations with critical minerals do not regard custodianship as a “global responsibility”, as firms race to secure resources central to energy transition goals.
“We are experiencing this challenge for critical materials, rare earths and others. These things are abundant in some places and not present at all in others, but all of humankind needs them,” Modi said at a Business 20 summit in New Delhi on Sunday.
“The ones who have them, if they don’t see that as a global responsibility, then this will promote a new model of colonialism. This is my warning,” Modi said.
The comments come as adequate supplies of minerals critical for the transition to environmentally friendlier energy is far from assured amid challenges such as resources’ uneven geographical diversification.
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