Unpacking the Critical Raw Materials Act

Abstract

The recently adopted Critical Raw Materials Act (CRMA) is framed as a milestone for the EU Green Industrial Plan and the twin green and digital transitions. In the context of emerging green industrial policies and the resurgence of the state as an economic actor, the Act encapsulates the EU’s attempt to instrumentalise markets for public objectives. Yet, the bid to generate tailored and specific market outcomes is undercut by the Act’s primary strategy of adjusting risks and returns for ultimately volatile, profit-driven private initiative. At the same time, the Act’s focus on domestic green growth, even if read charitably, remains myopic to the global challenge of climate change and perpetuates existing patterns of core-periphery extractivism.

Keywords

• Critical Raw Materials Act
• Derisking
• EU
• EU
• EU Green Industrial Plan
• Extractivism