In May this year, the European Commission announced that it was working on an initiative to secure the supply of critical raw materials. To support the Commission’s work, Germany and France have now agreed on a common position, which was presented to European member states yesterday at the Competitiveness Council.
The two countries are in support of a legislation regarding critical raw materials (CRM) based on three pillars. For example, they say crisis management should be strengthened, including the creation of an early warning system that can identify potential shortages in a timely manner. In addition, it is necessary to examine how the existing financing instruments can support the necessary investments in raw material extraction, but also recycling. Fair global competition and compliance with sustainability standards are also necessary.