European Parliament's Industry Committee members adopted the draft Critical Raw Material Act. Enshrined within the act are strong circular economy goals, robust innovation and substitution objectives, support for efficient permit processes, and reduced bureaucracy. The legislation seeks to:

1. Inspire all-round innovation, particularly for SMEs,
2. Reduce waste and dependence on external sources,
3. Invigorate the research and development of alternative materials, 
4. and promote more environmentally friendly mining and production processes. 

According to the report of the Committee, instrumental to the achievement of these goals are partnerships between the EU countries and countries outside the block- partnerships that will promote knowledge and technology transfer, human resource development within new and improved working conditions, well as ecological best practices in the areas of extraction and processing. The final decision concerning the legislation will be made between 11 and 14 September in the whole house during the plenary in Strasbourg. 

Why does it matter?

The Act's implementation becomes increasingly essential for the sovereignty and competitiveness of the European Union in light of current and potential supply chain disruptions and the dependence of modern societies on some critical raw materials.