🌱 What does the EU’s proposed Critical Raw Materials Act set out?
Through the Critical Raw Materials Act, the EU hopes to decrease its resource dependency. The Critical Raw Materials Act “will introduce targets for […] self-sufficiency along the entire value chain”. To address the EU’s critical raw material needs, the draft act proposes that 10% of the materials would be mined in the EU and that at least 40% would be refined within the EU. It also proposes that 15% of each material’s annual consumption would originate from recycling. Through the Critical Raw Materials Act, the EU “aims to ensure [it] has access to [the] materials needed to meet [its] target of moving to net zero greenhouse gas emissions by 2050”. Under the draft act, the EU therefore plans to “not be dependent on [any] single third country for more than 70% of imports for any strategic raw material by 2030″ and to support “strategic projects” in third countries through a €300 billion initiative. Under the Critical Raw Materials Act, the EU plans “to set up a central purchasing agency for critical materials […] and […] speed up permitting for new mines and processing plants”. Moreover, “large companies [will be] asked to audit their existing supply chains and develop strategies to be better prepared for supply disruptions”. The act was proposed by the European Commission on 16 March 2023.
Read more about the Critical Raw Materials Act here:
- https://www.politico.eu/article/critical-raw-materials-act-europe-guide/
- https://ec.europa.eu/commission/presscorner/detail/en/speech_23_1672
- https://ec.europa.eu/commission/presscorner/detail/en/STATEMENT_22_5523