Biden Administration, SAFE Nonprofit Launch MINVEST Partnership to Boost US Critical Mineral Supply Chains and EV Battery Production

MINVEST program aims to reduce U.S. dependency on foreign sources of critical minerals, particularly China, by promoting private sector investment in domestic mining, processing, and recycling that meets high environmental, social, and governance standards.

• The Biden administration has announced a partnership with the non-profit SAFE to develop the Minerals Investment Network for Vital Energy Security and Transition (MINVEST). This program aims to increase domestic production, processing, and recycling of key minerals.
• MINVEST's purpose is to lessen U.S. dependency on foreign sources, like China, for critical minerals used in electric vehicle (EV) batteries. These minerals include lithium and cobalt, both of which are essential for the production of EVs and other renewable energy technologies.
• The initiative will mobilize private sector support for U.S. mineral security objectives and foster investment in domestic mining and processing operations. It also aims to meet high environmental, social, and governance standards.
• The Biden administration has been working on ways to reduce obstacles to domestic mineral development. In September, the Interior Department asked Congress and the White House to update the 150-year-old law governing hard rock mining in the U.S.
• SAFE, the non-partisan, non-profit partner in this initiative, launched the Center for Critical Minerals Strategy in 2021. Its goal is to promote diversified, secure, and sustainable supply chains from mining and processing to manufacturing and recycling, supporting the U.S. and its partners' transition to a green technology-backed economy.

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