The circular economy and critical materials: the European perspective
December 2021
Access to resources has been a big issue for the EU for the past decade. The current ‘hot topic’: producing raw materials sustainably and in the massive quantities needed to generate low-carbon power and support electric transport, to meet the EU’s 2050 Net Zero target. Circular economy principles play a huge role in minimising market disruptions, price volatility and risk.
During November’s Raw Materials Week, experts on the International Round Table on Materials Criticality (IRTC) met to share how industry leaders are employing circular economy principles and innovative technologies.
Jim Goddin is an expert in the field of critical materials and the circular economy. He is a member of the IRTMC.
A sneak preview of the webinar. The full webinar recording can be accessed below.
Key takeaways from webinar
- Rare earth elements are essential in a variety of industries, including renewables.
- China produces most of the materials.
- Most materials critical to European output have increased risk of supply disruption.
- There are several causes of this increase in risk, including a global decrease of ore grade which has led to an increase in volatility and monopolies on materials.
- We’re also experiencing a global decrease in all grades of materials. It’s taking us more time, effort and money to extract the materials we need.
- The European Commission has compiled a list of critical materials and has an action plan for critical raw materials. A large part of this plan is building resilient supply chains, particularly through international partnerships.
- The EU wants to avoid sourcing materials from countries which are producing those materials unsustainably.
- Circular economy is a key part of the action plan.
- The webinar includes practical examples of companies’ circular economy activities.
- The initiatives the EU is driving have global impact, including to Australian and New Zealand businesses.