What is the EU Critical Raw Materials Act?

The EU Critical Raw Materials Act (CRMA), adopted in 2024, sets specific targets and measures to secure the EU's supply of critical raw materials. Here are its key elements:

Strategic Targets for 2030:

• Mine 10% of the EU's annual consumption of strategic raw materials within the EU

• Process 40% of the EU's annual consumption within the EU

• Recycle 25% of the EU's annual consumption from within the EU

• Ensure no more than 65% of annual consumption of each strategic raw material comes from a single third country

Key Implementation Measures:

• Identifies "strategic raw materials" (like lithium, cobalt) and "critical raw materials" (broader list)

• Creates Strategic Projects designation for mining, processing, and recycling projects

• Streamlines permitting processes - 24 months for strategic projects

• Requires major companies to audit their supply chains

• Establishes stress testing of supply chains for key sectors

• Creates raw materials partnerships with third countries

• Sets up raw material databank and coordinates strategic stockpiling

Risk Management:

• Requires large companies to assess their supply chain risks

• Monitors critical raw material projects in the EU

• Coordinates with member states on strategic stockpiling

• Establishes early warning system for supply disruptions

Major EU suppliers of CRMs (2023) and their level of governance (https://rmis.jrc.ec.europa.eu/eu-critical-raw-materials)