Without reducing a widespread dependency on Rare Earth magnets, global offshore wind will miss its Net Zero targets
Rare Earth magnets are at the heart of the clean energy transition. Electric vehicles and offshore wind dominate demand for these Rare Earth resources. Offshore wind alone will require up to a 26-fold increase in Rare Earth supply by 2050 to meet desired Net Zero targets. For the US, UK, EU Australia and Japan, energy security and decarbonisation are at the forefront of their country’s strategic priorities; yet China controls the supply. China is responsible for 90% of Rare Earth magnet production and supply deficits are forecast by 2024. Rare Earth risk now poses a significant threat to the $trillion investment needed to deliver aggressive Net Zero targets.