Tuesday, July 23, 2024
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MEPs adopt measures to boost the supply of strategic raw materials

The Industry Committee adopted measures to boost the supply of strategic raw materials, crucial to secure the EU’s transition towards a sustainable, digital and sovereign future.

The Critical Raw Materials Act, adopted with a strong majority, aims to allow Europe to accelerate towards European sovereignty and competitiveness, with an ambitious change of course. The report will cut red tape, promote innovation along the entire value chain, support SMEs and boost research and development of alternative materials and more environmentally friendly mining as well as production methods.

The report highlights the importance of securing strategic partnerships between the EU and third countries on critical raw materials, in order to diversify the EU’s supply – on an equal footing, with benefits for all sides. It paves the way for long-term partnerships with knowledge- and technology transfer, training and upskilling for new jobs with better working and income conditions, as well as extraction and processing on the best ecological standards in our partner countries.

MEPs also push for a stronger focus on research and innovation concerning substitute materials and production processes that could replace raw materials in strategic technologies. It sets circularity targets to foster the extraction of more strategic raw materials from waste. MEPs also insist on the need to cut red tape for companies and especially small and medium-sized enterprises (SMEs).

“With a strong majority, the Industry Committee sends a strong signal ahead of the trilogue,” said lead MEP Nicola Beer. “The agreed report provides a clear blueprint for European security of supply, with a research and innovation boost along the entire value chain.”

“Instead of having far too many ideology-driven subsidies, it relies on fast and simple approval processes and reducing red tape,” she added. “In response to geopolitical upheavals, it creates the preconditions to offer targeted economic incentives to private investors in the context of production and recycling in Europe. At the same time, it builds on the expansion of strategic partnerships with third countries. The foundation for Europe’s course towards open, economic and geopolitical sovereignty has been laid.”

The draft legislation was adopted in the committee with 53 votes to 1, with 5 abstentions. It will be put to a vote by the full House this week.

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