European industry leaders and policymakers agreed last month that the creation of a European sovereignty fund aimed at addressing critical dependencies is key in the effort to reduce Europe’s overreliance on raw material imports from third countries.
They also highlighted the need for the European Investment Bank to invest much more rigorously towards the production of sustainable raw materials in Europe itself.
Managing the renewable energy transition, securing the supply of raw materials, partnerships with Ukraine, and sustainable sourcing were some of the themes discussed at the 7th edition of the EU Raw Materials week, which took place in Brussels last month.
Mr. Mark Rachovides, President of Euromines and Chairman of Venus Minerals, a Cyprus-based company focusing on the exploration and development of copper-gold assets, took part in the summit as the moderator of a Panel discussion on Investment and Sustainable Finance, which discussed the transition to sustainability and the need to increase investment in clean technologies and innovation to reduce carbon emissions within the value chain.
The panel also explored the role of public policy in creating the conditions for investment in this area through the Critical Raw Materials (CRM) Act, which can be the EU’s answer to the US Inflation Reduction Act, which sees $369b earmarked for energy security and climate change and is already causing concerns in the EU.
As part of the panel discussion, Mr. Rachovides noted that: “The necessary funding must be mobilised both by public institutions and private investors so that Europe can safeguard its strategic autonomy, restore its industrial competitiveness and achieve its twin transition to a green and digital economy.”
The event came at a time of increased momentum behind making Europe’s raw materials supply more resilient and sustainable due to the wider region’s increased geopolitical instability.
Raw material sustainability was also discussed in Athens last month, at the 7th Greek Raw Materials Community Dialogue.
The conference discussed East & South-East Europe’s potential to contribute to the production and development of raw materials. Mr. Rachovides noted the growth potential of the European mining sector and the challenges it faces, adding that the Ukraine war has compounded the urgency for Europe to accelerate implementation of its Green New Deal.
“The EU needs to foster the proper economic and social conditions to tap the potential of its own raw material deposits as well as diversify supply chains and recognise the value of sustainable mining practices,” Mr Rachovides said.
“Europe is at a critical junction. We face challenges both old and new. Gatherings like this help us to understand how we can work together and build a future for our children”, he added.
