Political agreement reached between European Parliament and Council on Critical Raw Materials Act

Along the supply chain, the political agreement will contribute to improving regional capabilities for important raw materials.

The agreement will support initiatives to diversify their supply of essential raw materials through global collaborations facilitated by the International Gateway facility.

By 2030, the EU should be able to extract 10 %, process 40 %, and recycle 25 % of its annual consumption of strategic raw materials, according to benchmarks.

The agreement also ensures that waste will be taken into account by the European Union when determining recycling goals.

Through resource efficiency and technological advancement, the democratic agreement has included reducing demand.

To prevent the EU from relying on a single supply source for more than 65 % of its consumption, imports of strategic raw materials must be varied.

The Important Organic Materials Act: What Is It?

The European Commission unveiled its draft Essential Raw Materials Act in March of this year. The Act outlines a number of steps to guarantee the EU’s access to reliable supply chains for essential organic materials.

For Europe to be competitive, including in the green and electric industries, it is crucial to secure diversified and economical supply chains.

The Vital Raw Materials Act must be approved by the EU Parliament and Council. The standard decision to vote on December 7 will probably be a formality then that an informal agreement has been reached.

The significance of corporate initiatives

Strategic Projects along the value chain that will gain from more effective permitting procedures will be identified by the German Commission and Member States.

The political agreement also allows for the production of materials that replace corporate raw materials, which broadens the reach of strategic projects.

The Act makes sure that crucial mineral value chain development efforts are carried out in accordance with strict Environmental standards.

The list of essential minerals will be incorporated into EU law.

The list of proper and essential natural materials will be incorporated into EU law as a result of the political agreement. The list will even include chemical graphite and aluminum.

The Act also establishes vital raw material supply chains for monitoring. Big businesses are required to conduct supply chain risk assessments.

The coordination of proper raw material stocks among Member States will be guaranteed by the political agreement.