EU announces Critical Raw Materials Act
During the State of the European Union address, Commission President Ursula von Der Leyen announced the EU's plans to put forward a European Critical Raw Materials Act.
The legislation aims to create a secure, affordable, and sustainable access to the CRMs Europe needs to achieve climate neutrality. President von der Leyen emphasised that the EU market is not prepared for the raise in demand of CRMs and that the EU cannot continue to rely solely on trade with third countries, as supply chain disruptions are unpredictable.
The CRM Act will clearly identify CRMs and promote innovation and substitution, building on existing national raw materials agencies and creating a true European network. Moreover, it will ensure more resilient supply chains as well as a strong and sustainable level playing field.
Even though President von der Leyen did not announce a specific date, there is speculation that the legislative proposal will come out in the first quarter of 2023.