The European Commission is set to initiate calls for projects aimed at improving the EU’s supply of critical minerals, with plans to start joint EU purchases similar to its existing gas scheme, announced a senior commissioner on Wednesday. The EU Critical Raw Materials Act, which ensures a stable supply of essential minerals like lithium and copper for the EU’s green and digital transitions, comes into effect on May 23. This act is crucial for the production of electric vehicles and wind turbines, reducing the bloc’s reliance on China.
Commission Vice-President Maros Sefcovic mentioned that the EU executive would soon hold the inaugural meeting of a board overseeing the act. “Within days after that… we would like to launch the first call for strategic projects,” Sefcovic stated at the EU Raw Materials Summit in Brussels. Strategic projects in processing, recycling, or mining will benefit from expedited permits within 15-27 months. Eurobattery Minerals AB from Sweden has expressed intentions to apply for a strategic mine in Finland.
Additionally, Sefcovic revealed that the Commission is drafting plans for joint purchases of around 30 critical materials, leveraging its gas purchase scheme experience. The EU executive aims to facilitate connections between global suppliers and EU buyers, hoping to launch the scheme promptly despite potential hesitations from member states. The existing gas purchase platform could serve as a model, though acquiring diverse critical minerals presents more complexity. The Commission is also exploring stockpiling key minerals, inspired by Japan’s approach to rare earths.
