UK Government review to examine threat of world resources shortage

British Ministers have ordered a review of looming global shortages of resources, from fish and timber to water and precious metals, amid mounting concern that the problem could hit every sector of the economy.

The study has been commissioned following sharp rises in many commodity prices on the world markets and recent riots in some countries over food shortages.

There is also evidence that some nations are stockpiling important materials, buying up key producers and land and restricting exports in an attempt to protect their own businesses from increasingly fierce global competition.

One area of particular concern is “rare earth elements”, important for defence and many green technologies from low-energy lightbulbs to wind turbines, as well as industries as varied as electronics and lasers, film and lighting, aircraft engines, nuclear reactors, and pain-relieving drugs, Phil Dolley, AEA’s resource efficiency director, said.

Elsewhere, the US, the EU and Mexico have announced that they want to bring a World Trade Organisation case against Chinese restrictions on exports of nine key raw materials, including coke, bauxite, magnesium and fluorspar, all important for producing steel, aluminium and other chemicals.

Guardian