The race for rare earth elements calls for urgent innovation

‘Rare earth elements’ is a term used to describe a group of 17 elements that are essential to technologies such as smartphones, wind turbines, electric motors and aerospace defence: precisely the sort of technologies that we need more of, if we are to decarbonise our economies and achieve net zero goals.

Unsurprisingly, therefore, demand for rare earth elements in Europe alone is expected to increase fivefold by 2030.

But, this raises concerns for a couple of reasons.

First, extracting REEs from the earth causes environmental damage and high levels of waste, including low-level radioactive waste. If the materials that are going to enable the green transition are themselves causing environmental damage, then as we build the energy system of the future, we are weaving it with the same old mistakes…

Second, extraction and processing of REEs is highly concentrated in a few geographical areas. This means that many countries, including the UK, are dependent on imports for rare earth elements- a very insecure position to be in. China’s near-monopoly over rare earths raises particular concerns. Geopolitical events or other disruptions to supply chains could lead to shortages and price volatility. The ripple effects of the war in Ukraine have highlighted the risks of depending on a single supplier…

There is a clear need for innovation here.

We have drafted a prize idea that would aim to accelerate the development of a novel, cost-effective, and environmentally sound technology for substitution and sustainable recovery of REEs. In turn, it will help to ease the transition to a net zero economy and prevent inflationary and geopolitical risks by offsetting some of the demand for REEs.

A prize could accelerate innovation by bringing experts from various sectors (scientific institutes and research centres, government agencies, SMEs, start-ups and large businesses) to join efforts on the development of new approaches – by finding new ways to recycle REEs, research to find substitute materials, or recover REEs as coproducts of mineral deposits.

You can find our prize idea in more detail here.

These prize ideas are designed to be a conversation starter, so let us know what you think!