On Tuesday, the European Parliament made crucial decisions to fortify the European Union's strategic autonomy regarding critical raw materials. This includes developing alternative materials and establishing strategic corporate relationships with third countries.

The European Act on Critical Raw Materials, passed in the Strasbourg plenary session of the European Parliament with 549 votes in favor, 43 against, and 24 abstentions, aims to make the EU more competitive and self-reliant. This will be achieved by reducing bureaucracy, fostering innovation across all stages of the value chain, and supporting small and medium-sized enterprises, as stated in a European Parliament press release.

The measures also aim to boost research and development of alternative materials and more environmentally friendly methods of mining and production.

The European Parliament emphasized the importance of the EU forming strategic partnerships with non-EU countries. These mutually beneficial partnerships will enable the EU to diversify its raw material supply sources. The new legislation lays the groundwork for long-term partnerships, focusing on knowledge and technology transfer, as well as training and upskilling workers for new job positions with improved conditions and higher wages.

Furthermore, these measures ensure that mining and processing of raw materials in partner countries adhere to the strictest environmental standards.

Nicola Beer from Renew stated that this legislation is an industrial policy blueprint for the safe and sustainable supply of raw materials in Europe. "With targeted economic incentives, we are making planning safer for private investors through unified contact points for businesses, and through quick and simple licensing procedures with clear deadlines for national authorities. This will strengthen mining, processing, and recycling of raw materials in Europe," she said.