In a bid to address the pressing issue of securing access to critical raw materials (CRMs), Europe is charting a course for a collaborative strategy on the global stage. As the demand for CRMs, essential for clean energy and digital technologies, skyrockets, the continent faces the challenge of reliance on a handful of countries and the concentration of refining processes, particularly in China.
The European Commission has responded with a proposed Critical Raw Materials Act, introducing EU-level benchmarks to guide CRM extraction, processing, and recycling by 2030. The plan involves identifying strategic projects with streamlined permit processes and facilitated financing.
However, the feasibility and ultimate impact of these ambitious policies remain uncertain, with reshoring CRM activities to Europe presenting formidable challenges. Questions arise about whether the continent possesses the necessary patience and resources for such a venture.
Recognizing the inherently global nature of the issue, Europe emphasizes an open and cooperative approach in line with the ‘open strategic autonomy’ principle. The EU plans to establish strategic partnerships with CRM-producing countries, providing substantial financial support while remaining attuned to partners’ domestic interests and concerns.
Furthermore, Europe aims to collaborate with other CRM-importing nations to pool resources and invest collectively in global CRM supply chains. This collaborative effort seeks to share the financial burden and establish unified standards encompassing transparency, environmental considerations, and social responsibility for CRM businesses.
As Europe takes on the challenge of securing critical raw materials, international collaboration emerges as a linchpin for success. This strategic move reflects the interconnected and interdependent nature of the modern material world. Stay tuned for more updates as Europe navigates the complexities of CRM dynamics.
https://www.nbb.be/de/artikel/critical-raw-materials-dependency-open-strategic-autonomy