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The EU's hunt for critical minerals

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By illuminem briefings 🌎

· 2 min read

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

🗞️ Driving the news: The European Union's Critical Raw Materials Act (CRMA), targeting a reduction in dependence on Chinese supplies, will be enacted early next year
• This law aims to secure essential minerals for Europe's green and digital transformations

🔭 The context: The CRMA, a response to supply challenges during the COVID-19 pandemic and Russia's invasion of Ukraine, identifies 34 critical raw materials, 17 of which are deemed "strategic" due to their importance and global supply risks

🌍 Why it matters for the planet: This initiative is crucial for ensuring sustainable and secure access to materials vital for technologies like electric vehicles and wind turbines, thereby supporting Europe's green objectives

⏭️ What's next: The CRMA sets ambitious targets for 2030, including mining 10% of annual mineral requirements, recycling 25%, and processing 40%
• It also aims to limit reliance on any single third country to 65% of annual needs

📈 One stat: Currently, China dominates the global processing of critical materials, handling 90% of all rare earths and 60% of lithium

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