The climate transition is a materials transition. Decades of international diplomacy around oil, gas and pipelines are now giving way to conversations around the supply of critical raw materials. And not before time: to meet the EU’s energy and climate targets, we need to build the right technologies, in the right quantities, at the right speed. The problem is that many of these technologies are built with materials imported from just a handful of countries.
Critical raw materials are defined as those materials which have significant economic importance and are exposed to a high supply risk, often because of a high concentration of supply from a few third countries.
Demand for these precious resources is expected to increase exponentially in the coming years, not just in the EU, but around the world. This will increase global competition just as the EU’s own needs soar. Against this backdrop, preparedness is crucial.
