The European Union must use upcoming legislation to speed up permitting and encourage investment in projects such as rare earths needed to meet targets for cutting carbon emissions, the head of an EU-linked critical materials agency said on Monday.
Chief Executive Bernd Schaefer of EU-funded EIT Raw Materials said Europe could struggle to compete not just with China but also with the United States, where the Biden administration's Inflation Reduction Act is providing subsidies to spur investment.
EIT is implementing an EU plan to provide the critical raw materials needed to meet the bloc's target of moving to net zero greenhouse gas emissions by 2050. Both the EU and United States are seeking to curb their dependence on China, which supplies about 95% of the EU's rare earths. Large amounts of funding will be needed to lure investment, especially considering that the U.S. IRA is offering $369 billion worth of tax subsidies.
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