European battery companies call on EU for more support

illuminem summarizes for you the essential news of the day. Read the the full piece on Reuters or enjoy below

🗞️ Driving the news: European metals and materials companies wrote a letter to the EU Commission, expressing worries that the EU's battery industry isn't competitive enough against China and the U.S, mainly because current financial plans don't provide enough support for the battery sector, which is vital for green transitions

🔭 The context: China, a significant global player, not only holds a large market share of cleantech manufacturing but also controls of 50-90% of essential minerals' processing capacity for these technologies
• Meanwhile, the U.S. is rapidly narrowing the gap with its substantial investments under the Inflation Reduction Act, and Europe's investment scenario is further strained due to the ongoing situation in Ukraine 

🌎 Why does it matter for the planet: Robust financial backing and advancements in the European battery industry are imperative for the global shift to greener technologies, making this call to action significant on a global scale

⏭️ What's next: Major companies, including Rio Tinto and Solvay, have suggested setting up a European Critical Minerals Fund at the EU level to provide direct financing to businesses, citing current funding approaches as "lacking" and "disjointed"

💬 One quote: "Existing EU funding streams are 'a patchwork of... complex schemes' which focus mostly on research and development" (From the joint letter)

Click for more news covering the latest on energy