- European firms are urged to invest in critical minerals for the energy transition.
- The CEO stresses the need for equity investment and downstream commitment.
European firms need to increase investments in critical minerals for the energy transition. The CEO of an EU-supported organisation stresses the need for equity investment and downstream commitment.
The EU’s roadmap targets accelerated production of minerals like lithium and rare earths for EVs and wind turbines. Bernd Schaefer, CEO of EIT RawMaterials, emphasises the importance of Critical Raw Materials Acts (CRMA) targets for domestic mineral production by 2030.
European governments are urged to bolster support for critical mineral projects amidst rising demand for essential materials. There is a disparity with the US as substantial tax breaks are offered for domestic production in the electric vehicle and renewable energy sectors.
Schaefer highlights collaborations like Germany’s VAC. Partnering with GM for a North American factory underscoring the need for EU action plan implementation. Despite risk aversion, Schaefer is optimistic about European companies stepping up in the energy transition.