The EU Critical Raw Materials Act entered into force in May 2024
Key measures to strengthen the EU’s supply chain vulnerabilities
The Critical Raw Materials Act (“CRMA”) entered into force on 23 May 2024. At present, the EU relies almost exclusively on imports from suppliers concentrated in a limited number of countries – making it vulnerable to geopolitical risks and supply chain disruptions. The CRMA aims to secure the raw materials supply chain and sets clear priorities for the EU and Member States in order to mitigate future supply risks. As the world is increasingly realising the importance of minerals to achieve a transition to a lower carbon economy, the CRMA is part of a significant push by the EU to upscale and speed up the development of green technologies needed to meet the EU’s net-zero goals. The CRMA provides a roadmap for securing and diversifying the EU’s supply of critical raw materials and will require actions and implementation efforts from the Commission and Member States in the coming years.
