G7 countries have 'no time to lose' in bid to cut rare earths dependencies, Germany's Klingbeil says

PARIS, May 18 (Reuters) - G7 ​countries have options to choose among in their bid to reduce ​dependencies ‌on rare earths, with no time to lose, German finance ⁠minister Lars Klingbeil said on Monday.

G7 governments ⁠are trying to ​coordinate efforts to reduce their reliance for critical minerals and rare earths on China, which dominates supply chains vital for ​technologies ‌such as electric vehicles, renewable energy and defence systems.

"We should not fall into a tone of complaint," Klingbeil told reporters during a summit of finance ministers ​and central bankers from G7 countries in Paris. "Instead, we ‌have to work on our strength." Klingbeil said G7 countries must improve procurement and look at ‌where production can be expanded. He also proposed recycling quotas, setting targets or requirements to recover and reuse ​a minimum share of critical raw materials, such as rare earths.

"So the ‌proposals are all on the table and we have no time to lose," Klingbeil said. He said the Iran ⁠war ⁠has exposed G7 countries' dependency on fossil ‌fuels, just as the war in Ukraine exposedGermany's own dependency on Russian ​gas.

"We ​have to be very careful here ‌not to run into the next dependency, one which, to be honest, we are already in," he said.