· 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
Click for more news covering the latest on energy
