What the Critical Raw Materials Act includes

The plenary of the European Parliament gives the green light to the Critical Raw Materials Act, the measure by which Brussels wants to gain greater autonomy on the critical raw materials front. At the heart of the agreement: economic incentives for critical raw materials extraction and recycling projects, with faster and simpler permitting procedures and reduced bureaucracy for companies, particularly SMEs.

Critical raw materials such as cobalt and lithium have become a geopolitical factor. The European Union, still largely dependent on imports of critical raw materials from third countries, primarily China, wants to ensure a secure and stable supply of these materials. And to do so, it has developed ad hoc legislation, the European Critical Raw Materials Act or Critical Raw Materials Act.

A text born in March and the subject of a tight negotiation between Parliament and the Council, now in its final stages.

What does the Critical Raw Materials Act provide for and why is it so important?