EU invests €3 billion to diversify critical raw material supply chains

The EU launched a €3 billion strategy to reduce reliance on China for critical raw materials. The ReSourceEU program aims to diversify and de-risk supply chains for essential metals and elements. This initiative will fund 25-30 strategic projects, focusing on rare earths, gallium, germanium, cobalt, and lithium. It seeks to mitigate market shocks and geopolitical leverage by China. The plan includes creating a European hub for critical materials, a trading platform, and stockpiling pilots. It aims to boost local extraction, processing, and recycling capacities by 2030.