Source: DTE
Context: The European Parliament has approved the Critical Raw Materials Act.
- The legislation aims to reduce the European Union’s (EU) reliance on China for critical minerals, essential for green technologies like solar panels, windmills, and electric car batteries.
The EU currently depends on China for 99% of rare earth metals. The regulation sets the framework for ensuring a secure and sustainable supply of these raw materials, diversifying imports, and increasing processing capacity along the value chain
About Critical Raw Materials:
Critical raw materials are natural resources that are of strategic importance to a country or region due to their economic, industrial, and geopolitical significance.
These materials are essential for various industries, including technology, manufacturing, energy, and defence, and their availability can impact a nation’s economic security and competitiveness.
Examples of critical raw materials may include rare earth elements, lithium, cobalt, graphite, platinum group metals, and certain minerals and metals that are essential for advanced technologies and clean energy solutions.
