European Parliament has given its final green light for the Critical Raw Materials Act to boost the EU’s supply of strategic raw materials.
During negotiations, Members of the European Parliament (MEPs) argued that the Critical Raw Materials Act should have a stronger focus on the production and scale-up of materials that can substitute strategic raw materials.
They also established targets to foster strategic raw materials extraction from waste products.
MEPs insisted on the need to cut red tape for companies, particularly small and medium-sized enterprises.
The Critical Raw Materials Act was adopted with 549 votes to 43, with 24 abstentions. Now, it will have to be formally endorsed by the European Council before publication in the Official Journal.
Enhancing strategic partnerships with third countries
In discussion with the Council, MEPs highlighted the importance of strategic partnerships between the EU and third countries on critical raw materials. The partnerships would help to diversify the EU’s supply – benefiting all parties.
Measures to pave the way for long-term partnerships with knowledge and technology transfer were implemented into the Act. As well as this, the legislation will include ways to train and upskill people for new jobs, and to extract and process minerals on the best ecological standards in partner countries.
What is the Critical Raw Materials Act?
Designed to make the EU more competitive, the Act aims to boost innovation along the entire value chain. It will help to foster research, the development of alternative materials, and sustainable mining and production practices.
The legislation will provide economic incentives for businesses, and a secure framework for mining and recycling projects, with more efficient authorisation procedures.
Lead MEP Nicola Beer (Renew, DE) said: “This legislation is an industrial policy blueprint for a secure and sustainable supply of raw materials in Europe.
“With targeted economic incentives, we are creating project-planning certainty for private investors – through single points of contact for companies, and fast and simple authorisation procedures with clear deadlines for national authorities. This will boost mining, processing and recycling in Europe”.
