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| 1 |
ID:
148631
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| 2 |
ID:
192143
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| Summary/Abstract |
US President Joe Biden has worked to repair the damage done to the transatlantic relationship by his predecessor, quickly realigning the United States with Europe on issues of energy and climate change. However, the US Inflation Reduction Act (IRA) of 2022 introduced a raft of protectionist subsidies for US clean-energy industries and reignited tensions between the US and the European Union. The EU has warned that the IRA could damage the bloc’s industry and American critics suggest the act may trigger a new US–EU trade war. The Biden administration’s geopolitical internationalism is at odds with its geo-economic nationalism. The fact remains, however, that Europe is unlikely to be severely affected by the IRA. Moreover, European political leaders have threatened more aggressive responses to the IRA than they can deliver. A trade war is unlikely. It is more likely that booming green industries in the EU and US will open new avenues to cooperation between them.
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| 3 |
ID:
176545
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| Summary/Abstract |
The decarbonisation of the global economy in response to the climate crisis and the fourth industrial revolution, featuring artificial intelligence (AI) and 5G networks (massively accelerated in response to the coronavirus pandemic), has triggered a race to secure uninterrupted access to critical raw minerals (CRMs) that are indispensable inputs for high-technology applications. Moreover, China’s Belt and Road Initiative, which unites Eurasia and Africa and loops in South America into a seamless space of trade, infrastructure and digital connectivity, challenges the dominance of traditional industrial powers (the United States, the European Union and Japan) and requires critical minerals. Rare earths, lithium and cobalt – among the most critical of the CRMs – are found in high geographic concentration, creating hotspots of contention, especially in unstable parts of the world. As economic transformations accelerate, securing access to these materials will both impact and help shape geopolitics in the years to come.
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