The European Commission on Thursday will present the centrepieces of its strategy to ensure its industry can compete with the United States and China in making clean tech products and accessing raw materials required for the green transition.
The EU executive's Net-Zero Industry Act and Critical Raw Materials Act, part of its Green Deal Industrial Plan, are designed to ensure the bloc is not just a frontrunner in cutting carbon emissions, but also ahead on the technology required to do so. There areGlobal investment in the green transition is set to triple by 2030 from $1 trillion last year, President Ursula von der Leyen told the European Parliament on Wednesday, declaring "the race is on".
The EU executive set targets for the region to mine 10% of the critical raw materials such as lithium, cobalt and rare earths it consumes, with recycling adding a further 15%, and increase processing to 40% of its needs by 2030.
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