EU ‘pulling out all stops’ with minerals projects as it tries to avert China trade war
Commissioner Stéphane Séjourné says bloc will support 46 strategic projects including lithium and rare earths plants The EU is “pulling out all the stops” to fend off an imminent potential trade crisis with China, industry commissioner Stéphane Séjourné has said, as the bloc announced its backing for a string of critical materials projects. Séjourné said on Friday that the EU will support 46 new…
The European Union is intensifying efforts to counter potential trade tensions with China by supporting 46 strategic projects aimed at boosting supplies of critical raw materials by 2030, according to industry commissioner Stéphane Séjourné. Séjourné stated that the EU could face a crisis in the coming months due to the risk of trade tensions, which could affect various sectors such as auto, defense, and renewable energy industries.
The EU's funding for these projects amounts to €21 billion. The projects include lithium, gallium, and rare earths plants, with a total investment of €21 billion. Séjourné highlighted three emblematic projects, namely a rare earths plant in France, a gallium plant in Greece, and a lithium extraction and processing plant in Finland, all of which are already operational or nearing completion.
These projects are expected to contribute significantly to global production of critical raw materials, with some having the potential to account for a substantial portion of worldwide production. Although the EU faces skepticism over its ability to meet the 2030 targets, Séjourné emphasized the importance of geopolitical factors in the race against China.
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