Transatlantic Forum on GeoEconomics

Fred Kempe

Chief Executive Officer, Atlantic Council

R. Nicholas Burns

Ambassador of the United States of America to the People’s Republic of China, Department of State

Energy transition is dependent on access to and investment in critical minerals and supply chains. Production and processing of critical minerals is highly concentrated in a handful of countries . For example, aluminum is essential for solar panel production while the main aluminum producers in the world are China, India and Russia. Geographic concentration of critical minerals and potential supply chain disruptions may create vulnerabilities for energy transition efforts. This panel will discuss opportunities and challenges associated with diversifying and stabilizing the global critical mineral supply chain and Western financial investment in the supply chain and infrastructure to enable clean energy transition and transatlantic economic and energy security.

Industrial policies are designed to safeguard national security and encourage economic growth among partners, especially in the energy transition domain and electric vehicles (EVs). Friendshoring, subsidies, investment screening, and sanctions are being considered or used to protect and shape technology and EV component supply chains. This panel will discuss strategies for advancing green initiatives and energy transition multilaterally while considering national security objectives. It will address the risks and vulnerabilities within the EV supply chains and uncover unintended consequences of using economic statecraft tools in this space.

Western partners are leveraging economic statecraft tools such as export controls to protect sensitive technology from getting into the hands of adversaries. As a result, the financial sector and private sector are being asked to play a larger role in national security and specifically in complying with export controls. This spotlight conversation will focus on government efforts and private sector roles and obligations related to complying with national security policy decisions, such as export controls and sanctions. Speakers will share best practices and, as appropriate, outcomes from public-private sector engagements and information sharing.

Transatlantic partners are considering tighter investment screening policies and regulations around sensitive technology and innovation including semiconductors, quantum information technologies, and certain AI systems to protect intellectual property and national security interests. This panel will discuss Western partners’ thinking on regulating AI and assess their level of policy coordination. Speakers will identify any existing regulatory gaps between partner governments around AI and technology innovation and discuss the effect of these gaps on the private sector. They will also suggest possible solutions for closing these gaps and analyze the effects of these policies on Western technology innovation.

Securing critical infrastructure, including the financial services sector, is a national and economic security priority for transatlantic partners. This panel will discuss the most imminent threats to the US and European critical infrastructure, including cyberattacks, and the potential economic impacts of these disruptions. Speakers will share best practices on protecting the financial system and other critical infrastructure against cyberattacks from adversaries and identify gaps between government approaches. They will also shed light on the challenges the private sector is facing and identify potential solutions.

The dollar remains the global reserve currency and primary currency for trade. However, in the past few years, increasing use of financial sanctions have pushed several countries towards the adoption of alternative currencies and payment systems. This session will discuss how the dollar is used for trade and as a tool of US foreign policy and what opportunities or challenges this presents for the US government, foreign partners, and the financial and private sectors. Speakers will focus on how the geopolitical landscape informs or affects innovation and decisions in cross-border payments and how transatlantic partners can best position themselves for future changes in this space.