EU's Push for Raw Material Independence: New Projects Announced
The EU has unveiled 13 new raw material projects outside its borders to secure a stable supply of essential metals and minerals amid supply chain challenges and geopolitical tensions. With a focus on reducing dependency on China, the EU aims to enhance its capabilities in the energy transition sector.
In a strategic move to bolster its raw material independence, the European Union announced 13 new projects outside the bloc on Wednesday. This development comes as part of efforts to secure sufficient metals and minerals crucial for the energy transition, defense, and aerospace sectors.
The announcement is a direct response to China's recent export restrictions on rare earth magnets, prompting European diplomats and industries to diversify their supply chains. "We must reduce our dependencies, particularly on countries like China," stated European Commissioner for industry, Stephane Sejourne.
The initiatives, which form part of the Critical Raw Material Act, include projects in various countries, with a focus on resources for electric vehicle batteries. Notable projects are located in Malawi, Serbia, and Greenland, with significant financial backing expected from the EU and related stakeholders.
(With inputs from agencies.)
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