ICMM Comment — A response to the European Commission’s proposed Critical Raw Materials Act
In October, the European Commission launched a public consultation on its proposed Critical Raw Materials Act, which seeks to significantly increase and diversify the European Union’s critical raw materials supply, strengthen circularity and support research and innovation.
In ICMM’s response, we highlight that enshrining high Environmental, Social and Governance (ESG) standards into any critical minerals policy is fundamental to success, and more broadly to a safe, just and sustainable transition to a clean energy system. The application of high standards applies to the domestic production of critical minerals, and the sourcing of critical minerals from other non-EU countries.
Furthermore, we highlight the importance of avoiding narrow national interests, as many of the minerals required for the transition are not distributed in an equitable fashion globally. Efforts to stockpile critical raw materials would be detrimental to the goals of the energy transition, as it could result in inequitable access to critical minerals that would disproportionately impact low-income countries.
ICMM’s submission to the consultation can be found here.