Bruegel event on EU Critical Raw Materials Act: Minister Trevelyan's remarks
Minister Anne-Marie Trevelyan gave a video address at Bruegel event 'From metals to minerals: building the right policy mix for EU's critical raw materials supply'.
The roll-out of clean energy technologies is the driver for new investment into critical minerals, which are of course at the heart of our global efforts to reach net zero.
Building this supply chain is the only way to address the climate crisis and complete our sprint towards net zero at the pace out planet needs us to.
The UK is committed to making global supply chains more resilient, secure, sustainable, and diverse, working closely with our partners around the world, including, of course, many of you here today.
We are particularly keen to increase collaboration with the EU and member states, and I am glad of this opportunity to set out our priorities, and how the UK can support our common goals.
The publication of the detail for the proposed EU Critical Raw Materials Act is a welcome and important, step towards these shared goals. As the EU member states and Parliament review the proposed legislation, the UK is keen to work with you.
We are keen to discuss the impacts of provisions as the policy develops. And we look forward to hearing more from the Commission on the design and purpose of the proposed Critical Raw Materials Club. It will be important to build on existing international initiatives, bringing together producers and end users.
We also hope the Club will foster co-operation to allow resource-rich developing countries to keep more of the benefits in their own countries, one of the great frustrations to date as a few countries have taken all the processing value.
The UK has significant strengths when it comes to critical minerals, this includes our industrial capabilities, academic expertise, and the City of London as the centre of global mining finance.
Allow me if I may to reflect on these in a little more detail.
The UK is proud to be home to some major players, including British chemicals company Johnson Matthey, the largest secondary refiner of Platinum Group Metals in the world, and one of the only companies with the facilities to recover iridium and ruthenium.
This is coupled with significant academic, research and development expertise across mining, geology and engineering, as well as monitoring and stress-testing supply chains. The British Geological Survey is a world leader in research that underpins policymaking, regulation and responsible investment.
The UK is also a global centre for mining finance and metals trading – the London Metal Exchange is one of the biggest in the world, with a large and influential community of traders, investors and advisors.
So, the UK is well-placed to convene dialogues between mining finance and metals trading communities, supporting the development of structured, effective markets that can deliver resilient and responsible supply chains right across Europe.
We are also leading in promoting ESG performance in global mineral supply chains, driven by our mining investor community. UK companies are leading the way in remote monitoring of ESG performance, through sensors and satellites.
The UK remains committed to working with the EU and its member states, bringing our strengths to help in united efforts to achieve our shared goals, and I wish you fruitful discussions throughout the day.
Find out more about the Bruegel event.