The UK and EU are beginning to secure supply of critical raw materials necessary for the twin transitions to a digital and net-zero economy.
4 APRIL 2023 5 MINUTE READ
It was possibly a coincidence when both the UK and the EU published their updated strategy documents on critical raw materials in the same week. The UK government published the Critical Minerals Refresh on 13 March 2023 which reinforces the government’s commitment to the Critical Minerals Strategy. Three days later, the European Union’s Critical Raw Materials Act and the EU Net-Zero Industry Act (NZIA) were released alongside each other on 16 March 2023.
10 per cent of domestic demand for mining and extraction and at least 40 per cent for processing and refining is outlined in the EU CRM Act.
These different policies aim to ensure the sustainable supply of critical raw materials which are vital to the digital economy and net-zero transition. The key issues addressed in the strategies include the dependency on imports of critical materials – such as lithium, cobalt, nickel and rare earth metals – and key technologies – such as batteries and solar photovoltaics – as well as increased vulnerability to price volatility and potential supply disruptions.
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