{"id":30025,"date":"2024-09-26T18:18:02","date_gmt":"2024-09-26T12:48:02","guid":{"rendered":"https:\/\/www.nextias.com\/ca\/?p=30025"},"modified":"2024-09-26T18:18:03","modified_gmt":"2024-09-26T12:48:03","slug":"minerals-security-finance-network-msfn","status":"publish","type":"post","link":"https:\/\/www.nextias.com\/ca\/current-affairs\/26-09-2024\/minerals-security-finance-network-msfn","title":{"rendered":"Minerals Security Finance Network (MSFN)"},"content":{"rendered":"\n<p><strong>Syllabus: GS2\/ International Relations<\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Context<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>India has joined<\/strong> the US-led Minerals Security Finance Network, an initiative aimed at strengthening global cooperation in securing critical mineral supply chains.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Minerals Security Finance Network (MSFN)<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>It is a new initiative <strong>emerging from the Minerals Security Partnership (MSP)<\/strong>, a framework established by the US in 2022.\u00a0<\/li>\n\n\n\n<li><strong>The network aims<\/strong> to bring together institutions from the Indo-Pacific region and Europe, promoting cooperation, information exchange, and co-financing.\u00a0<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-background\" style=\"background-color:#fff2cc\"><tbody><tr><td><strong>Mineral Security Partnership (MSP)<\/strong><br>&#8211; <strong>It is a US-led collaboration that<\/strong> would focus on the supply chains of minerals such as Cobalt, Nickel, Lithium, and also the 17 \u2018rare earth\u2019 minerals.<br>&#8211; <strong>Members: <\/strong>Australia, Canada, Estonia, Finland, France, Germany, India, Italy, Japan, the Republic of Korea, Norway, Sweden, the UK, U.S., and the EU.\u00a0<strong>India<\/strong> was inducted to the MSP in <strong>2023.<\/strong><br>&#8211; <strong>Mandate:<\/strong> To catalyze public and private investment in critical mineral supply chains globally. It directly addresses four major critical minerals challenges:\u00a0\u00a0\u00a0<br>1. Diversifying and stabilizing global supply chains;\u00a0<br>2. Investment in those supply chains;\u00a0<br>3. Promoting high environmental, social, and governance standards in the mining, processing, and recycling sectors; and\u00a0<br>4. Increasing recycling of critical minerals.\u00a0<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>What are Critical Minerals?<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>These are minerals that are <strong>essential for economic development and national security.<\/strong><\/li>\n\n\n\n<li>The lack of availability of these minerals or the concentration of extraction or processing in a few geographical locations could potentially lead to \u201c<strong>supply chain vulnerabilities and even disruption of supplies\u201d.<\/strong><\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Applications of Critical Minerals<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Clean technologies initiatives<\/strong> such as zero-emission vehicles, wind turbines, solar panels etc.\n<ul class=\"wp-block-list\">\n<li>Critical minerals such as Cadmium, Cobalt, Gallium, Indium, Selenium and Vanadium and have uses in <strong>batteries, semiconductors, solar panels<\/strong>, etc.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>Advanced manufacturing inputs and material<\/strong>s such as defense applications, permanent magnets, ceramics.\n<ul class=\"wp-block-list\">\n<li>Minerals like Beryllium, Titanium, Tungsten, Tantalum, etc. have usage in new technologies, electronics and defense equipment.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>Platinum Group Metals (PGMs) <\/strong>are used in medical devices, cancer treatment drugs, and dental materials.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Way Ahead<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>India\u2019s participation in the network will help in <strong>diversifying and securing its supply of critical minerals<\/strong> from nations like Argentina, Chile, Australia, and select African countries.\u00a0<\/li>\n\n\n\n<li>The partnership marks a critical step forward for India in its quest to <strong>reduce reliance on China <\/strong>for these minerals and build a robust, self-sustaining supply chain for its green energy initiatives.<\/li>\n<\/ul>\n\n\n\n<p><strong>Source: <\/strong><a href=\"https:\/\/www.business-standard.com\/external-affairs-defence-security\/news\/india-joins-us-led-security-finance-network-to-secure-critical-minerals-124092500333_1.html\" target=\"_blank\" rel=\"noopener\"><strong>BS<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>India has joined the US-led Minerals Security Finance Network, an initiative aimed at strengthening global cooperation in securing critical mineral supply chains.<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-30025","post","type-post","status-publish","format-standard","hentry","category-current-affairs"],"acf":[],"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/posts\/30025","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/comments?post=30025"}],"version-history":[{"count":1,"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/posts\/30025\/revisions"}],"predecessor-version":[{"id":30026,"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/posts\/30025\/revisions\/30026"}],"wp:attachment":[{"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/media?parent=30025"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/categories?post=30025"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/tags?post=30025"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}