EU's Bold Move to Secure Critical Raw Materials

The European Commission has taken a significant step towards reducing the continent's reliance on external sources for critical raw materials. With an ambitious investment of €22.5 billion, 47 projects across 13 EU countries, including Spain, France, Germany, and Sweden, have been selected. These projects focus on the extraction, processing, recycling, and substitution of essential materials like lithium, cobalt, magnesium, and nickel.

Goals and Benefits of the Initiative

Aligned with the EU's Critical Raw Materials Act, this initiative aims to meet 10% of the bloc's extraction needs, 40% of its processing capacity, and 25% of its recycling by 2030. Streamlined permitting provisions will ensure project promoters can proceed with predictability, without compromising on environmental, social, and governance standards. The permit-granting process is set to not exceed 27 months for extraction projects and 15 months for others, a significant reduction from the current 5 to 10 years.