MSP Finance Network was launched by India and 14 other members of MSP including USA, Australia, Canada, Italy, Japan and European Union.
- Network will strengthen cooperation and promote information exchange and co-financing among participating institutions to advance diverse, secure, and sustainable supply chains for critical minerals.
- Network will drive sustainable investment in global critical mineral supply chains, including by mobilizing private sector capital, in production, extraction, processing, recycling, and recovery projects.
About Minerals Security Partnership (MSP)
- MSP is a collaboration of 14 countries and European Union to catalyze public and private investment in responsible critical minerals supply chains globally.
- India joined MSP in 2023.
- MSP focuses on the minerals and metals supply chains most relevant for clean energy technologies.
- These include – but are not limited to – lithium, cobalt, nickel, manganese, graphite, rare earth elements, and copper.
Significance of Critical Minerals
- Economic growth: Cobalt, nickel, and lithium are important for the telecommunication industry, manufacturing of electric vehicle batteries etc.
- Clean energy: Critical for green technologies like semiconductors, solar panels and wind turbines etc.
- National Security and Defence: Key minerals such as bauxite, alumina, silica, etc. are strategic assets to produce armour, weaponry, and other critical military infrastructures.
Measures taken by India
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