11.3 C
Belgrade
Supported byspot_img
spot_img

EU outlines new Critical Raw Minerals Act

Member of Europium Groupspot_img
Supported byspot_img

The European Commission has announced the Critical Raw Minerals Act as the bloc competes in the green energy transition.

The European Commission (EC) has outlined plans for how the EU will compete in the development of new technologies necessary for the green transition against the US and China.

The Critical Raw Minerals Act, proposed by the European Commission on Thursday, seeks to reduce the EU’s dependence on raw minerals imported from beyond the EU. Along with the Net Zero Industry Act, it forms a part of the EU’s Green Deal Industrial Plan.

Supported by

The region aims to not only lead the way in cutting emissions but also in producing the necessary technology to do so.

The EU executive set new targets for the bloc, stating that 10% of the raw critical material consumed by EU members, such as lithium and cobalt, should be mined in the region.

Additionally, 15% of its needs should be met by recycled sources and 40% of all critical miners used ought to be processed within the EU.

Diversifying supply

The EC has announced plans for no more than 65% of any key raw material to come from any single country as it looks to diversify its supply of minerals. China currently processes 90% of rare earth metals and 60% of lithium.

The EU states that recent global events such as “Covid-19 related supply disruptions, the chips shortage and the energy crisis following Russia’s invasion of Ukraine” demonstrate the need to diversify of raw earth mineral sources.

President Ursula von der Leyen said in a statement: “raw materials are vital for manufacturing key technologies for our twin transition, like wind power generation, hydrogen storage or batteries […] it’s in our mutual interest to ramp up production in a sustainable manner and at the same time ensure the highest level of diversification of supply chains for our European businesses.”

According to EU predictions, demand for lithium in the region is expected increase 12-fold by the year 2030.

The EC has announced that a Critical Raw Minerals Board will be set up, composed of member states and the commission, which will oversee the implementation of measures which are set out in the act.

The news comes shortly after the EC announced plans to triple renewables production by 2030, in a series of measures to increase the competitiveness of Europe’s net-zero energy industry, Power Technology writes.

Supported byElevatePR Digital

Related News

Recycling as a solution: Securing Europe’s future in critical raw materials

While Brussels buzzes with discussions about critical raw materials, the focus remains on geopolitics and extraction. These minerals are essential for technologies ranging from...

EIT RawMaterials partners with Tethys to launch Inter-Regional Centre in Türkiye for critical raw materials innovation

EIT RawMaterials has announced a partnership with Türkiye-based Tethys: Trans-Eurasian Gateway to establish the “EIT RawMaterials Inter-Regional Centre” in Istanbul. This initiative represents EIT...

Germany introduces €1 billion fund to enhance raw material security

The German government’s Raw Materials Fund is officially moving forward, as announced by the Federal Ministry for Economic Affairs and Climate Action (BMWK). With...

Strengthening global partnerships: New members join the Minerals Security Partnership Forum

The European Commission and the United States recently welcomed seven new members into the Minerals Security Partnership (MSP) Forum during discussions in New York...
Supported by
Supported by
Supported by
error: Content is protected !!