Measure
The UK Export Finance will support companies supplying critical minerals, such as lithium, graphite and cobalt, to UK exporters in growth-driving sectors such as EV battery production, clean energy, aerospace, and defence.
UK businesses engaged in the procurement of critical minerals, as well as UK exporters in the relevant sectors.
No definitive date provided.
This policy measure aligns with the government's aim to shift UK production away from fossil fuels and toward renewable energy sources, such as solar and wind. This shift is anticipated to require a significant increase in critical mineral use.
The announcement comes in light of the UK’s participation in the ‘Minerals Security Partnership’, a coalition of 14 nations aimed at accelerating the development of sustainable critical energy minerals supply chains.
The exact nature of the support being offered is yet to be announced; however, it should place UK industry on a level with counterparties in other countries.