Rare Earth Elements Face Supply Crunch as Demand Soars
Rare Earth Elements (REEs), crucial for renewable energy, electric vehicles, and tech devices, face supply challenges and environmental concerns. While demand is set to soar, recycling and reducing overall demand emerge as immediate solutions.
REEs, though not rare, are hard to extract and separate. Currently, only 1% is recycled due to cost and separation difficulties. Mining and processing can lead to significant pollution and radioactive waste. China dominates production and processing, with Brazil's reserves unlikely to boost supply soon.
To tackle these issues, countries like Australia and the US are strengthening local REE capabilities. Meanwhile, innovative recycling technologies are being developed. Japan aims to create Olympic medals from recycled REEs by 2024. US companies like IonDrive use sustainable chemical methods, while European firms like Siemens Gamesa and Vestas work on recyclable wind turbine blades. Swiss start-up DePoly develops eco-friendly chemical recycling technologies. Reducing demand through clean energy-powered public transport and refurbished electronics can also help.
With REE demand expected to increase by a factor of seven by 2040, it's crucial to address supply challenges and environmental impacts. Strengthening local capabilities, innovating recycling technologies, and reducing overall demand are key strategies to secure a sustainable future for REEs.
