EU reaches deal to boost domestic supplies of key raw materials

15th November 2023 By: Bloomberg

The European Union reached a deal on measures to become more self-sufficient in the key raw materials it needs to help power the clean energy transition.

Negotiators from the EU parliament and member states brokered an agreement on boosting domestic mining and reducing dependency on any one country for raw materials that are vital to the production of products ranging from batteries to solar panels, according to a post on the social network X by Thierry Breton, the bloc’s internal market commissioner.

“The Critical Raw Materials Act — that I presented eight months ago — will increase Europe’s resilience and economic security,” Breton said.

The focus of discussions will now turn to the other key pillar of the EU’s bid to re-shore the clean-tech sector: the Net Zero Industry Act. France has been pushing for more recognition of nuclear power as one of the main technologies the EU should focus on boosting.