EU Strengthens Raw Material Supply with Massive Investment

The European Commission has announced a groundbreaking initiative, selecting 47 projects across 13 EU countries to secure the continent's supply of critical raw materials. With an expected capital investment of €22.5 billion, this move aims to significantly reduce Europe's reliance on external sources for essential materials like lithium, cobalt, magnesium, and nickel.

Goals and Benefits of the Initiative

As part of the EU's Critical Raw Materials Act, the projects are set to meet ambitious targets by 2030: covering 10% of the bloc's extraction needs, 40% of its processing capacity, and 25% of its recycling. Streamlined permitting provisions will ensure project promoters enjoy predictability without compromising on environmental, social, and governance standards. The permit-granting process is notably reduced, aiming for no more than 27 months for extraction projects and 15 months for others, a significant improvement from the current 5 to 10 years.