The term rare earth refers to an important group of 17 elements which are used widely to manufacture a range of products and infrastructure that are becoming very significant in everyday life such as mobiles, hard drives and trains.
They are considered crucial for spurring more green technology which includes wind turbines and electric vehicles, as well as missile guidance systems in a sustainable push away from hazardous emissions. In what is being billed as the discovery of a decade, Europe's largest deposit of rare earths has reportedly been found in the Arctic region of Sweden.
Approximately 98% of rare earths used in the European Union in 2021 were imported from China which dominates the world trade in rare earths and has been successfully leveraging this advantage.
With the expected surge in demand for electric vehicles and wind turbines all over the world, particularly it’s good news for Europe because this helps the block to reduce overdependence on China, which has been trying to use this advantage politically and economically to dictate terms to certain countries.
