EU Tackles Critical Mineral Risks in Renewable Energy Transition
The shift to renewable energy requires a significant amount of critical minerals, many of which are found in politically unstable regions. This raises concerns about sustainability, governance, and potential conflicts. The EU is set to introduce new regulations, while companies like Apple are already taking steps to ensure responsible sourcing.
The IISD report highlights 23 key minerals crucial for solar panels, wind turbines, electric vehicles, and energy storage. Many of these reserves are located in 'fragile and corrupt' states, increasing the risk of grievances, tensions, and violence. The upcoming EU Conflict Mineral Regulation aims to address this by applying to nearly 1,000 importers and 500 smelters and refiners of 3TG minerals.
Companies are increasingly aware of these risks and are taking steps to 'de-risk' their investments. Apple, for instance, is moving away from poorly-managed supply chains and embracing renewable energy. Meanwhile, major players in the German healthcare supply sector, such as the Sitex Group, are developing certified sustainable products and improving energy efficiency. However, there's a lack of specific information about companies directly involved in mining or processing these critical minerals.
The transition to 100 percent renewable energy is dependent on a steady and responsible supply of critical minerals. The EU's new regulation and corporate initiatives show a commitment to addressing these challenges. However, more needs to be done to ensure transparent and accountable governance of these mineral supply chains, crucial for meeting global sustainable development and climate change mitigation goals.
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