EIT RawMaterials Summit: Europe in a "Race to 2030," Pushing for Raw Material Independence

Summary: At the annual EIT RawMaterials Summit, experts and policymakers stressed that Europe must triple its efforts to meet its critical minerals targets by 2030. Key insights include the need for over $50 billion in investments and project acceleration to reduce dependency on external suppliers.

From May 13 to May 15, the seventh annual EIT RawMaterials Summit took place in Brussels, serving as a platform to discuss critical challenges and strategies in the raw materials sector. The event's central theme was the "Race to 2030," a motto that reflects the ambitious goals outlined in the Critical Raw Materials Act (CRMA). According to new data, to achieve these targets—extracting 10%, processing 40%, and recycling 25% of the annual consumption of strategic minerals—the EU needs to mobilize more than $50 billion in investments over the next five years.

The summit highlighted that the current pace of project implementation is insufficient. Analysts estimate that Europe is currently on track to meet only 3-5% of its extraction target and 15-20% of its processing target. Special attention was given to lithium, nickel, and rare earth elements, which are foundational for battery production and renewable energy. Experts stressed that only a comprehensive approach—including streamlining permitting procedures (which currently take an average of up to 10 years), increasing funding, and developing international cooperation—will help bridge the gap. The summit also showcased a growing interest in the circular economy: recycling projects could potentially supply up to 25% of Europe’s cobalt and nickel needs by 2030.