Visualizing Europe’s Dependence On Chinese Resources
There is apprehension that China could “weaponize” its dominance of these resources.
(ZH) – Despite efforts to reduce dependence on China for critical materials, Europe remains heavily reliant on Chinese resources.
This graphic, via Visual Capitalist’s Bruno Venditti, shows the percentage of EU raw material supply sourced from China for 12 raw materials used in various industries. Bloomberg published this data in May 2024 based on European Commission research.
China’s Dominance in Clean Energy Minerals
Europe relies 100% on China for heavy rare earth elements used in technologies such as hybrid cars, fiber optics, and nuclear power.
Additionally, 97% of the magnesium consumed in Europe, for uses ranging from aerospace alloys to automotive parts, comes from the Asian country.
Almost 80% of the lithium in electric vehicles and electronics batteries comes from China.
Assessing the Risks
The EU faces a pressing concern over access to essential materials. There is apprehension that China could “weaponize” its dominance of these resources.
One proposed solution is the EU’s Critical Raw Materials Act, which entered into force in May 2024.
The act envisions a quota of 10% of all critical raw materials consumed in the EU to be produced within the EU.
Additionally, it calls for a significant increase in recycling efforts, totaling up to 25% of annual consumption in the EU. Lastly, it sets the target of reducing dependency for any critical raw material on a single non-EU country to less than 65% by 2030.
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For more on this topic, check out the EU economy broken down by country.
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(SOURCE)
Header featured image (edited) credit: YouTube screen grab. Emphasis added by (TLB)
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