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15/07/2024
Mining News

Analyzing the Critical Raw Materials Act: Expert insights on Europe’s raw material security strategy

Economist Professor Simon Glöser-Chahoud from TU Bergakademie Freiberg offers a comprehensive analysis of the recently endorsed Critical Raw Materials Act by the Council of the European Union. In his expert statement, he highlights the importance of coordinating and regulating the security of supply of strategic raw materials at the European level.

While acknowledging the Act’s potential to enhance the security of raw material supply within the European internal market, Professor Glöser-Chahoud also underscores the need for regular review and adjustment of specified quotas and the list of strategic raw materials. He emphasizes the dynamic nature of commodity markets and supply systems, advocating for flexibility in setting targets to accommodate evolving technological advancements and market dynamics.

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Additionally, he raises concerns about the current methodology for defining critical raw materials and calls for its revision to address existing weaknesses. Ultimately, Professor Glöser-Chahoud emphasizes the importance of proactive regulation and support for industry initiatives to achieve the Act’s ambitious goals and ensure the competitiveness of the European mining and recycling sector.

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