EU Unveils Strategic Plan to Boost Critical Materials Production

The European Commission announced 47 strategic projects aimed at increasing the EU's production and processing of key materials essential for its energy transition. The projects, part of the Critical Raw Material Act, span 13 EU countries and focus on strategic metals like lithium, nickel, and rare earth elements.

The European Commission has unveiled a robust plan consisting of 47 strategic projects across 13 EU member states, as part of efforts to boost the production of critical raw materials. This initiative is in line with the Critical Raw Material Act adopted in 2023, which targets the EU's energy transition needs.

The projects are distributed across several materials deemed crucial, including aluminium, copper, lithium, and rare earth elements utilized in technologies such as electric vehicles and wind turbines. As the EU strives to reduce reliance on external sources, these projects also aim to streamline extraction, processing, and recycling activities.

To expedite progress, the European Investment Bank, alongside national banks, will offer public guarantees to attract private investments. This comprehensive plan seeks to avoid the pitfalls of past supply chain dependencies, highlighted during the COVID-19 pandemic, and bolster the EU's strategic autonomy in raw materials.

(With inputs from agencies.)