EU secures diversified, affordable, and sustainable critical raw materials supply

Green Forum
The European Critical Raw Materials Act came into effect, aiming to ensure a diverse, secure, and sustainable supply of critical raw materials for the EU's industry. 

Access to these materials is vital for strategic sectors, including clean technologies, digital, defense, and aerospace industries.

The new regulatory framework is designed to bolster domestic capacities and enhance the sustainability and circularity of critical raw material supply chains within the EU while continuing its diversification agenda. The Act aims to strengthen domestic supply and reduce reliance on single suppliers, a need underscored by supply chain disruptions following COVID-19 and Russia's invasion of Ukraine.

The Act sets benchmarks to boost the extraction, processing, and recycling capacities of critical raw materials within the EU and guides diversification efforts. It also establishes a framework for selecting and implementing Strategic Projects, offering streamlined permitting processes and improved access to finance. Additionally, the Act mandates national exploration programs and promotes the circular and efficient use of these materials by creating value chains for recycled critical raw materials. To ensure supply chain resilience, it allows for monitoring and information exchange regarding critical raw materials among Member States and large companies.

As part of the Green Deal Industry Plan, the Commission proposed the Critical Raw Materials Act on 16 March 2023. These measures build upon the 2023 criticality assessment, a foresight report on strategic technologies, and actions initiated under the 2020 Action Plan on critical raw materials.

RECOMMENDED
RECOMMENDED FROM THE HOME PAGE
READ MORE
Green Forum  |  20 June, 2024 at 8:04 AM