The European Union Unveils Critical Raw Materials Act, Aiming to Reduce Dependence on Foreign Cobalt and Lithium Resources

SHANGHAI, Mar 23 (SMM) – In mid-March, the European Commission officially released the European Critical Raw Materials Act through its official website. European Commission President Ursulavonder Leyen stated that the bill will significantly increase Europe's ability to refine, process and recycle key raw materials.

The bill aims to ensure that the EU has a safe and sustainable supply of key raw materials, including rare earths, lithium, cobalt, nickel and silicon.

According to the plan, by 2030, the EU plans to internally produce at least 10% of key raw materials, process at least 40% of key raw materials, and recycle 15% of key raw materials. The annual consumption of strategic raw materials from a single third country should not exceed 65% of the EU at any stage of processing.