India, Oct. 12 -- Major economies are scrambling to develop their own responses to restrictions of rare earths and critical minerals through domestic policies and international deals. Near-term reactions will eventually need to give way to long-term strategic action. In the clean energy transition, critical minerals cannot go the oil and gas way. Most recently, Beijing has announced tighter restrictions on exports of rare earths. The applications of copper, lithium, nickel, cobalt, and rare earth elements in solar panels, wind turbines, electric vehicles, standalone batteries, and semiconductors are well known. Less understood is how countries and companies define their criticality. For some, it depends on the strategic importance to key industries and availability in the face of supply risks. Others fear that criticality stems from the risk of weaponisation. The threats are compounded by a rising concentration in the production and processing of minerals. For others still, especially those with vast reserves, minerals promise economic development. For companies facing huge capital expenses to prospect and develop mines, minerals come with a premium on policy clarity, price consistency and opportunities for collaboration and risk-sharing. In short, a critical mineral means different things to different constituencies. What is common, as the Quad Foreign Ministers' meeting in Japan recognised, is the transformative role these minerals play in critical and emerging technologies. Energy transition must be fair, equitable and just, leaving nobody behind. The governance of critical minerals must evolve in response to this context. As the US and China come to head over these key minerals, the world cannot make the same mistake with critical minerals as it did with oil and gas. It needs a global framework to address sourcing and policy coordination. We tend to think of critical minerals in three ways: Demand, supply, and bilateral deals through which demand and supply are matched. In this framing, a country either promises a significant supply of critical minerals (such as Chile or Argentina), or generates large demands for minerals (such as the US EV manufacturing or India's clean tech and battery needs). Such a lens can propel the race to grab mineral resources at the cost of others. For fossil energy, the Organisation of the Petroleum Exporting Countries (Opec) has tried to control supply while the International Energy Agency has tried to provide security for the historically major energy demanders, namely advanced economies. These parallel regimes regularly lock horns over the dynamics of energy markets. If critical minerals go down the same route, exporters might impose restrictions to raise prices, while buyers will try to control mines and sources of supply. The resulting uncertainty would adversely impact emerging economies with growing energy demand but without the deep pockets for a mineral rush. The world must sidestep this race to the bottom - with a rules-based architecture for critical minerals. This starts with changing the framing from demand-and-supply towards opportunities, risks, and platforms for collaboration. Four opportunities can be identified for both suppliers and the demand side. The first is in data transparency for countries and companies. For instance, India has developed a public National Geoscience Data Repository through which any mining company can analyse geoscientific data and propose mineral exploration options. Exploration data must be standardised to improve data consistency and collect granular mineral exploration data. The second is collaboration on exploration, exploration technologies and finding alternative sources. A G20 study found that just 15 countries possess between 55-90% of global reserves of critical minerals needed for low-carbon technologies. Diversification of sources cannot happen without conscious efforts in technology cooperation. One approach is to have reverse auctions solely for exploration. Virtual models of the Earth's crust can also be created using AI and remote sensing. Another area of cooperation is in responsible offshore exploration. The third opportunity is co-development of mineral processing technologies. Countries home to large mineral deposits and mining companies have a mutual interest in developing, deploying and transferring advanced technologies for exploration and production. A recent study by the Council on Energy, Environment and Water (CEEW) finds that India already processes seven critical minerals at a commercial scale, but must scale up R&D, recycling, and new processing hubs to remain competitive in global value chains. Fourth, mineral recycling can create local and resilient supply chains. This could significantly reduce import dependence. For instance, recycling solar waste and modules can lead to the recovery of silicon, copper, tellurium, and cadmium. India's recently announced Critical Minerals Mission has a specific focus on the circular economy of minerals. The above comes with risks, starting with arbitrary nationalisation and restrictive local regulations. A second risk is that companies are not able to exit easily from projects after having invested heavily in capital expenditure. Then comes the risk of inadequate physical infrastructure (mining infrastructure, railways and ports) to transport minerals without disruptions. To reduce risks, political support is needed to build trust in critical mineral supply chains. The world needs collaborative platforms and rules of the road - at the minimum, a set of voluntary principles. In September 2024, a panel on critical energy transition minerals recommended coordination on economic issues in mineral value chains, the need for a global traceability, transparency and accountability framework, and funds to deal with abandoned mines. At the Baku CoP, heads of government repeated the need for recognising sovereignty over natural resources while also calling for fair/equitable distribution of benefits, responsible mining practices, social licence to operate, technology cooperation, and the need for diversification of sources. This is where minilateral platforms are likely to emerge as forums of dialogue and action. Some initiatives are already emerging. The Mineral Security Partnership (MSP) is a coalition of 14 economies accounting for more than 50% of global GDP. India was the first non-G7 country to join the MSP and the objective is to include producer countries in Africa, Southeast Asia and South America. Quad members have also been exploring engaging with mineral-supplying countries as a joint effort rather than pursuing bilateral deals alone. Also, in 2023, India's presidency of the G20 proposed the Voluntary High-Level Principles for Collaboration on Critical Minerals for Energy Transitions. Africa has a Minerals Strategy Group; a summit is due in October 2025. All these efforts must ensure internationally acceptable and adequate guardrails to foster an environment of cooperation rather than unruly competition. A degree of harmonised standards for mineral exploration and exploitation is needed. Moreover, while the market can focus on technology choices, governments can set parameters and performance standards to balance economic, social and environmental imperatives. Source countries should be supported to manage the "resource curse" and, instead, build capital reserves for economic diversification and value addition. Domestic governance of critical minerals should include clear and consistent regulations, fair competition and pricing, and equitable sharing of revenues for communities and companies. Further, alternative models for risk-sharing and lowering the cost of capital should be explored along with active efforts for technology co-development. Finally, promoting a circular economy could create new job-intensive economic opportunities and reduce environmental damage. The raw materials essential for a net zero world are critical not just because of the risks in securing them or for the benefits that could accrue to a few countries. Fair, transparent, equitable and efficient global governance of critical minerals is a necessary condition for our common sustainable future....