The G7 just pledged to break China’s rare earth grip — there’s a lot of work to do

The U.S. and six of its allies are tackling their dependence on China and its effective chokehold on rare earth minerals. At the Group of Seven summit in France on Wednesday, the countries pledged to ensure that no single nation can supply more than 60% of rare earth imports by 2030.

Issued by the G7 in a joint statement, the pledge looks to reduce the countries’ dependence on China for the raw materials behind military technology. The leaders of the U.K., Canada, France, Germany, Japan, Italy and the U.S. said they plan to get to 50% “as soon as possible,” according to the statement. As of last year, China accounted for nearly 70% of rare earth production. 

“It’s definitely a bold target,” said Cirba Solutions CEO David Klanecky, an expert with more than 30 years of experience in critical minerals. “If you don’t set a goal on a target for people to achieve, then nothing will happen,” he told Fortune.

The urgency stems from the fact that China is set to reinstate its initially postponed export controls on rare earths critical to defense system...