#supply-chain-diversification

#supply-chain-diversification

The upgrade places the EU on the same diplomatic footing as the United States, China and Russia and was announced during a visit to Hanoi by European Council President António Costa. "At a moment when the international rules-based order is under threat from multiple sides, we need to stand side by side as reliable and predictable partners," Costa said, adding that the partnership is about "developing spheres of shared prosperity."

Greenland is one of the most logistically hostile environments on the planet - a place with no roads between towns, limited labor, and weather that can shut down operations without warning. Still, world leaders and investors across the globe have their eyes on the island for its natural resources, including copper, zinc, graphite, gold, and rare earth elements that can be used in everything from construction and manufacturing to electronics and defense systems.

The ReSourceEU programme will seek to de-risk and diversify the bloc's supply chains for key commodities with a funding initiative to support 25-30 strategic projects in the sector. These projects cover rare earths a group of 17 heavy metals that are actually abundant but difficult and costly to extract as well as the elements gallium, germanium and lithium, used in batteries for electric vehicles.