According to the reports, Biden said that “Through billions of dollars in subsidies from the Democrats’ huge reconciliation plan, they’re considerably decreasing the quantity, the cost of solar panels on your roof. If people have a solar panel and install it in their basement, even if the sun doesn’t shine for seven days, they’ll still have enough electricity.” Biden reaffirmed his commitment to achieving net-zero emissions by the middle of the century by emphasizing solar-charged battery electricity.
The Twin Metals project in northern Minnesota, a proposed mine to selectively extract principally copper and nickel, has been halted by the Interior pending the completion of a new two-year assessment. The decision might put a two-decade moratorium on mining in the area. Both minerals are essential for batteries and solar panels. The Chinese have a monopoly on the market because the government prevents local growth.
By the end of the decade, the United States will require ten times more rare Earth minerals to accomplish its goal of having 50% of all new automobiles on the road be electric. To accomplish President Joe Biden’s objective of a net-zero carbon economy by 2050, the US will need to invest 20 to 25 times more. Rare Earth deposits don’t turn on with the flip of a button; they take decades to form.
China has overtaken the United States as the world’s leading producer of rare minerals, 500% more. Having a worldwide resource monopoly as demand grows was one advantage China coveted. In 1992, former Chinese Communist Party leader Deng Xiaoping declared, “The Middle East has oil, and China has rare earth.”
Furthermore, while Biden promotes a bold climate plan, the administration has remained hostile to domestic growth, looking to countries with considerably lower environmental standards to reach emissions targets that are meaningless without a global agreement. China is the world’s leading greenhouse gas emitter.