The European Union (EU) has identified 47 priority projects for the mining and processing of critical raw materials to be fast-tracked through the permitting process in 15 months or less. This rush is in response to the global competition for elements like lithium, cobalt, copper, and rare earth metals. The EU aims to reduce its dependence on external suppliers and ensure sufficient domestic production of essential materials by the end of the decade. With 34 raw materials deemed critical, including lithium for electric vehicle batteries, the EU has outlined projects in various member states to meet its targets.
Under the Critical Raw Materials Act adopted a year ago, EU governments are committed to ensuring a certain percentage of mineral extraction, processing, and recycling takes place within the EU by 2030. To meet these targets, the Commission has highlighted specific projects for lithium and cobalt mining and processing as key priorities. The EU Critical Raw Materials Board will work closely with firms to secure the estimated €22.5 billion in capital investment needed. Additionally, the European Investment Bank has allocated €2bn in financing for critical raw materials investment for the current year.
While the EU is taking steps to accelerate the development of domestic supply chains for critical raw materials, there is increasing competition and urgency in global markets. President Trump recently announced measures to boost American mineral production, emphasizing the importance of energy security and defense. However, the EU’s approach to selecting projects has faced criticism for lack of transparency, risking public trust. Environmental NGOs have raised concerns about the opaque selection process and the need for genuine scrutiny and community input.
Overcoming public opposition to mining projects will be crucial for the EU to achieve its ambitious targets by 2030. Social acceptability of these projects is key to ensuring their success, as seen with past roadblocks to lithium extraction projects in Portugal and Serbia. The EU recognizes the importance of political work to emphasize the national and European interests at stake in developing domestic supply chains for critical raw materials. The urgency for securing these resources is also driven by geopolitical tensions and global trade dynamics.
The EU’s strategy for critical raw materials focuses on promoting domestic production, reducing dependency on external suppliers, and ensuring a sustainable transition to clean energy. By fast-tracking key mining and processing projects, the EU aims to bolster its position in the global market for critical raw materials. With support from the European Investment Bank and efforts to engage with stakeholders, the EU is working to overcome challenges and realize its vision for a more self-sufficient and secure supply chain for essential elements. However, addressing public concerns, ensuring transparency, and navigating geopolitical tensions will be crucial for the EU’s success in achieving its 2030 targets for critical raw materials.
