{"id":44827,"date":"2024-04-16T08:00:07","date_gmt":"2024-04-16T07:00:07","guid":{"rendered":"https:\/\/www.innovationnewsnetwork.com\/?p=44827"},"modified":"2024-04-16T08:25:10","modified_gmt":"2024-04-16T07:25:10","slug":"innovating-for-tomorrow-ensuring-sustainability-europes-critical-materials-industry","status":"publish","type":"post","link":"https:\/\/www.innovationnewsnetwork.com\/innovating-for-tomorrow-ensuring-sustainability-europes-critical-materials-industry\/44827\/","title":{"rendered":"Innovating for tomorrow: EIT RawMaterials paves the way for Europe\u2019s green transition"},"content":{"rendered":"

EIT RawMaterials is collaborating with policymakers and industry to foster innovation, establish policies, and develop a clear roadmap that enables Europe\u2019s critical materials industry to meet its sustainable goals.<\/h2>\n

As Europe races towards its 2050 climate neutrality target, a significant hurdle stands in its path: Access to the critical raw materials that power key green technologies, such as solar panels, wind turbines, and electric vehicles.<\/p>\n

Currently, Europe is largely dependent on just a handful of countries for these essential materials and, as a result, is reliant on risk-exposed and often untransparent supply chains, which pose potential challenges to the region\u2019s economic and regulatory objectives.<\/p>\n

So EIT RawMaterials<\/a>, the world\u2019s leading innovation community in the raw materials sector, is on a mission to bolster Europe\u2019s transition to a sustainable economy. Its focus is securing a sustainable supply of raw materials, promoting a circular economy by driving innovation, education, and entrepreneurship.<\/p>\n

EIT RawMaterials also manages the European Raw Materials Alliance (ERMA), a network of over 750 European and international partners whose mission is to ensure the sustainable competitiveness of the European raw materials sector along the entire value chain.<\/p>\n

Strengthening Europe\u2019s competitive edge: ERMA\u2019s action plans<\/h3>\n

ERMA has an important role to play in securing financing to help boost Europe\u2019s competitiveness in the international supply chain.<\/p>\n

Alongside encouraging investment in the sector and rigorously evaluating raw materials business proposals before presenting them to potential investors, it conducts studies, makes policy suggestions for the sector, and cooperates closely with the EU to secure international partnerships.<\/p>\n

Since its formation in 2020, ERMA has released two Action Plans tailored to specific market needs in collaboration with industry partners.<\/p>\n

First was the \u201cRare Earth Magnets and Motors Action Plan: A European Call for Action\u201d from 2021, which studied European demand for rare earth elements and recommended actions needed to secure their supply.<\/p>\n

The action plan has already resulted in de-risked projects, estimated to supply around 20% of Europe\u2019s permanent magnets needs by 2030 compared to nearly 0% today.<\/p>\n

ERMA\u2019s most recent action plan \u2013 The European Call for Action on Energy Storage and Conversion \u2013 was launched in May 2023 and seeks to strengthen Europe\u2019s position in the energy storage and conversion sector.<\/p>\n

As green technologies gain wider adoption, the significance of energy storage and conversion is becoming increasingly important due to the intermittent nature of energy sources like wind and solar power. However, ensuring a consistent energy supply demands robust storage and conversion systems, which, in turn, need substantial quantities of raw materials.<\/p>\n

The roadmap aims to quantify the enormous investments needed to secure the supply of these raw materials, and it focuses on four primary areas:<\/p>\n