EU adopts Critical Raw Materials Act to secure supplies
Context
The Critical Raw Materials Act is designed to make the EU more competitive and sovereign by cutting red tape, fostering innovation along the entire value chain and supporting SMEs. It also aims to boost research, the development of alternative materials, and more environmentally-friendly mining and production methods.
Key Topic
The legislation sets up economic incentives and a more stable and secure business framework for mining and recycling projects, with faster and simpler authorisation procedures. During negotiations with Council on the law, MEPs pushed for a stronger focus on production and scale-up of materials that can substitute strategic raw materials and secured targets to foster extraction of strategic raw materials from waste products.
What to Watch
The legislation was adopted on 12 December 2023 with 549 votes to 43 and 24 abstentions.
Sources
Official Documents
- General documents - Framework for ensuring a secure and sustainable supply of critical raw materials (12 December 2023) - Delegation for relations with the People's Republic of China The European Parliament adopted a regulation framing a secure and sustainable supply of critical raw materials, including SME-focused rules, recycling targets, and streamlined authorisation procedures.
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