Business
COP 26 Resolutions
COP 26 Resolutions.
About this update from Rainbow Rare Earths Ltd.
[{"type":"text","content":"\n \n \n \n RNS Number : 1177U\n Rainbow Rare Earths Limited\n 01 December 2021\n \n \n \n \n \n 1st December 2021\n \n Rainbow Rare Earths Limited\n (\"Rainbow\" or \"the Company\")\n LSE: RBW\n \n COP26 Resolutions - a bright future for Rainbow Rare Earths\n \n The 2021 United Nations Climate Change Conference of Parties ('COP26') recently closed with the adoption - by consensus of nearly 200 countries - of the Glasgow Pact, which seeks to increase climate ambition and action by keeping the target of 1.5C alive, as well as finalising the outstanding elements of the Paris Agreement.\n \n Importantly, the deal struck has codified new rules to reduce greenhouse gas emissions, including the gradual phasing down of fossil fuel consumption and the reduction of the global carbon market. Key to achieving this will be the advancement of the green revolution, which aims to massively curtail the use of Internal Combustion Engines ('ICE') and facilitate the greater utilisation of renewable energies and widespread adoption of green technology. These low-carbon greener technologies, however, have an intensive mineral demand.\n \n The Importance of High-Strength Permanent Magnets\n \n Central to this demand are Rare Earth Elements ('REE') - in particular, Neodymium and Praseodymium ('NdPr') and Dysprosium ('Dy'), which are used to make compact high-strength permanent magnets used in the motors of hybrid and Electric Vehicles ('EVs') and wind turbines powering the greener electrification era for the international community. These permanent magnets are also used in aerospace and the defence industries' satellite technology, and, across their varied sector uses, directly impact between US$5 trillion to US$10 trillion in global GDP. As a result, with the projected demand for REE expected to increase as much as ten times between 2030 and 2040, they have been designated as critical and strategic metals by the US Federal Department of the Interior, the Government of China, and the EU Parliament, as they promote a drive toward greater raw material security and sustainability.\n \n To put this into a local UK context, in their letter to the Committee on Climate Change, leading UK scientists noted that, in order to replace all UK-based vehicles with EVs, at least 7,200 tonnes of neodymium and...