They say there's nothing better than competition. We’re seeing a bit of that in the global lithium rush—lithium is a key metal for the planet’s decarbonization. China was the first major player to enter Latin America—where, in the “lithium triangle” spanning Chile, Argentina, and Bolivia—the world’s largest reserves are found—with various proposals to produce it and secure its supply. 

But now the European Union wants to get involved and, during the EU-CELAC (Community of Latin American and Caribbean States) Summit held in mid-July in Brussels, proposed to invest billions of dollars for the same purpose, in addition to securing supplies of other important minerals. 

The proposal—part of a US$10 billion investment plan, which the EU plans to roll out in Latin America and the Caribbean— centers on the formation of a consortium to manufacture and supply electric buses to countries in the region in exchange for access to lithium and other minerals, and would promote industrialization in the region. Along these lines, the EU signed an agreement with Argentina in June to develop “innovative and sustainable” raw material value chains. A similar agreement was signed with Chile in mid-July.