Half of annual processed raw materials consumption should come from EU
by David Fleschen
In March, the European Commission presented a law to ensure the EU's security of supply of critical raw materials needed for the energy transition. The focus here is partly on reducing dependence on imports from certain third countries. On Friday, the European Council has now defined its negotiating position with which it will enter into discussions with the European Parliament. In it, the Council calls for even more ambitious targets than those set out in the draft legislation: 50% and not 40% of the annual consumption of processed raw materials should come from the EU.
The share of recycling from the EU is also to be 20% and not 15%. In addition, the Council also lists aluminium (together with bauxite), which has so far not been classified as strategically important. The fact that China and Russia are among the most important suppliers of the metal is likely to play an important role here. At the same time, the European aluminium industry has significantly reduced its production in recent years due to the significant increase in energy prices. However, the extent to which the law can sufficiently address the problem of energy costs - without providing generous financial assistance - remains to be seen. Nevertheless, the long-term trend towards sustainable extraction and production of metals should represent an opportunity for European producers.
Source: Commerzbank Research, Photo: Fotolia