The European Parliament and Council have reached a deal in principle on the Critical Raw Materials Act – proposed regulation aimed at ensuring a secure and sustainable supply of critical raw materials to Europe. The Act has been strengthened, after negotiations, to include aluminium in the list of strategic and critical materials, with it also requiring relevant companies to perform a supply-chain risk assessment on their sourcing of strategic raw materials. MEP Nicola Beer, Vice-President of the European Parliament and Rapporteur on the Critical Raw Materials Act, said: “The agreement, which has been reached in record time, is an industrial policy blueprint for a secure and sustainable supply of raw materials in Europe. The European Parliament has successfully pushed for fewer reporting requirements, especially for SMEs, and more European raw materials projects 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. At the same time, we are stimulating research and innovation along the entire value chain.” The Critical Raw Material Act is part of the European Commission’s Green Deal Industrial Plan. The provisional agreement reached between the European Parliament and Council now needs to be endorsed and formally adopted by both institutions.
We welcome the political agreement between @EUCouncil and @Europarl_EN on the Critical Raw Materials Act.
With this new Act, the EU should have the capacity to extract 10%, process 40%, and recycle 25% of its annual consumption of strategic raw materials by 2030.
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— European Commission (@EU_Commission) November 14, 2023
