- Title: EU unveils plans to lead in green industrial revolution
- Date: 16th March 2023
- Summary: BEIJING, CHINA (MARCH 15, 2023) (REUTERS) CHINESEÂ FOREIGNÂ MINISTRYÂ SPOKESPERSON WANG WENBIN ARRIVING FOR NEWS CONFERENCE JOURNALISTS SEATED (SOUNDBITE) (Mandarin) CHINESEÂ FOREIGNÂ MINISTRYÂ SPOKESPERSON, WANG WENBIN, SAYING: "We welcome the relevant statements of the Honduran side. The fact that 181 countries in the world have established diplomatic relations with Chin
- Embargoed: 30th March 2023 14:41
- Keywords: Companies Critical Raw Materials Act EU EU industry chief Thierry Breton Energy Europe European Commission European Commission Vice President Valdis Dombrovskis European Commission executive Vice-President Frans Timmermans Growth Industrial Industry Net Zero Industry Act News conference Presentation Press Conference Production Windmills batteries electric cars electric vehicles hydrogen law legislation proposal solar panels wind turbines
- Location: Various locations
- City: Various locations
- Country: Belgium
- Topics: European Union,Europe,Government/Politics
- Reuters ID: LVA002785516032023RP1
- Aspect Ratio: 16:9
- Story Text: The European Commission presented one of the centrepieces of its strategy on Thursday (March 16) to ensure its industry can compete with the United States and China in making clean tech products and accessing raw materials required for the green transition.
The EU executive's Net-Zero Industry Act and Critical Raw Materials Act, part of its Green Deal Industrial Plan, are designed to ensure the bloc is not just a frontrunner in cutting carbon emissions, but also ahead on the technology required to do so.
"We have to make sure the EU industry is in the best possible position to compete. And we've seen in several areas that we have some catching up to. I think that what we propose today does just that," EU Commission Vice-President Frans Timmermans told a news conference.
Global investment in the green transition is set to triple by 2030 from $1 trillion last year, President Ursula von der Leyen told the European Parliament on Wednesday, declaring "the race is on".
The EU executive set targets for the region to mine 10% of the critical raw materials such as lithium, cobalt, and rare earths it consumes, with recycling adding a further 15%, and increase processing to 40% of its needs by 2030.
The supply of minerals vital for the green transition is a challenge, with China processing almost 90% of rare earths and 60% of lithium, a key element for batteries.
Russia's invasion of Ukraine has reinforced a lesson learned during the COVID-19 pandemic, namely that the EU cannot rely on a single supplier for essential materials.
"Our needs are very clear. Demand for critical raw materials will grow many times over the next decade," EU Commission Vice-President Valdis Dombrovskis told reporters.
The EU executive would recognise firm plans to mine or process raw materials as "strategic projects", which could benefit from streamlined permits and access to financing.
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