European firms, banks must boost investment in critical minerals, official says

The Mina do Barroso project is set to be one of Europe’s first significant producer of spodumene, a hard-rock form of lithium. and wind turbines.

Under the CRMA, due to enter into force in coming months, the bloc has set 2030 targets for domestic production of minerals required for its green transition – 10% of annual needs mined, 25% recycled and 40% processed in Europe. The situation in Europe contrasts with the US, where the Inflation Reduction Act offers $369 billion in tax breaks over 10 years for the domestic production of electric vehicles, batteries, hydrogen or solar panels.

“Up until now, the biggest Western-world magnet producer has been in Germany. In two years time, it is most likely to be in the US,” he said.

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