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Tuesday, March 28, 2023

EU urged to expedite permits for critical mining projects

by Erik Onstad

LondonJan 30 – The EU should use upcoming legislation to allow and encourage investment in projects such as the rare earths needed to meet carbon emissions reduction targets, an agency head said on Monday, calling on the EU to Related important stuff.

Bernd Schaefer, CEO EIT EU-funded agency Romaterials said Europe may have difficulty competing not only with China, but also with the United States, where the Inflation Reduction Act (IRABiden Administration) provides grants to encourage investment.

“We all know that Europe is not so agile and fast when it comes to making decisions. The Americans are on the fast track and the Chinese have taken it super fast,” he said in an interview.

Life EIT The EU is implementing an EU plan to supply key raw materials needed to meet the bloc’s target of zero greenhouse gas emissions by 2050.

The EU is expected to publish its critical raw materials legislation in the first quarter of this year, in an attempt to secure critical raw materials such as lithium, cobalt, manganese and rare earths needed for electric vehicles and wind turbines .

Both the EU and the US want to reduce their dependence on China, which supplies around 95% of the EU’s rare earths.

According to Schaefer, projects considered strategic for the block should be able to be approved on a fast track, while maintaining stringent environmental, social and governance standards.

“In China you get a permit for a mine in three months, compared to 15 to 17 years in Europe.”

Schäfer said the EU bill should also create a state-backed agency to act as a clearing house for matching industry demand with supply from processing and mining companies.

Large amounts of financing will be required to attract investment, especially given that IRA The US provides tax subsidies worth $369 billion.

Schaefer said, “We must counteract this, otherwise all remaining investments in the European continent will be destroyed.”

To begin with, creatures EIT proposes an investment fund to help finance projects of up to €100 million ($109 million), as well as grants of €3 billion for sustainable mining projects and €2 billion to boost research capacity and innovation offers another.

(1 dollar = 0.9180 euro)

World Nation News Desk
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