To further advance the EU’s green economic transition, ensuring the security of supply chains for critical raw materials such as lithium and rare earth elements is of paramount importance. To this end, the EU will introduce the European Critical Raw Materials Act (CRMA), which plans to establish a central procurement agency for critical raw materials like lithium and rare earth elements and requires member states to set up “one-stop” licensing procedures for critical mineral projects.
　　According to media reports, the European Union will publicly release the “European Critical Raw Materials Act” on March 14 of this year. The act aims to ensure that the EU can secure the materials it needs to achieve its goal of net-zero greenhouse gas emissions by 2050.
　　On September 14, 2022, during her State of the Union address, European Commission President Ursula von der Leyen unveiled the “European Critical Raw Materials Act,” aiming to ensure the security of supply for minerals such as lithium and rare earth elements. Von der Leyen previously stated: “Lithium and rare earths will soon become more important than oil and gas. By 2030, the EU’s demand for rare earths alone will increase fivefold, and we must avoid falling into the same kind of external dependence we have on oil and gas.” The Act outlines EU measures in the area of critical raw materials, focusing on strategic applications, establishing a network of European institutions, building more resilient and robust supply chains, and providing a strong, sustainable, and level playing field for fair competition.