As the EU advances the Industrial Accelerator Act, a flagship initiative of Commission President Ursula von der Leyen to revive Europe’s manufacturing base, a new report by Rasmussen Global warns that Europe remains dangerously exposed on critical raw materials (CRMs).
The report finds that Europe has fallen behind both allies and adversaries in securing CRMs—materials essential to defence, clean tech, and industrial competitiveness. In a volatile geopolitical context, marked by a resurgent Russia, an assertive China, and growing pressure in the Arctic, recent Chinese export controls have exposed Europe’s dependence on external suppliers.
Rasmussen Global concludes that the EU Critical Raw Materials Act (CRMA) has failed to address this vulnerability at scale. While the Commission’s RESourceEU Action Plan is a step forward, it lacks the coordination and ambition required to ensure long-term security of supply.
The report argues that Europe must take a comprehensive view of the entire CRM value chain—from extraction and refining to recycling—and significantly improve the business case for investment inside Europe.
Key recommendations include:
- De-risking investments with EU funding: EU-level equity financing, coordinated national CRM funds, a dedicated EU CRM financing instrument, long-term offtake contracts, and geopolitical and green price premiums are needed to strengthen domestic capabilities across the CRM value chain.
- Investing in R&D and innovation: Scaling investment in research and fostering innovation through competition to strengthen Europe’s technological edge.
- Building a community of suppliers: Pairing strategic investments with guaranteed offtake, opening selected EU instruments to trusted partner countries, and adopting flexible local content rules that blend EU production with friendshoring.
- Fast tracking permitting: Working closely with municipalities and regions to significantly reduce approval timelines.
- Reducing investor uncertainties: Strengthening the European Critical Raw Materials Centre with mandates for joint purchasing, price stabilisation mechanisms, mandatory disruption notifications, and coordinated value-chain audits.
- Facilitating EU recycling: Creating a Single Market for Waste through harmonised customs codes, unified end-of-waste criteria, mandatory lifecycle planning for CRM-rich products, and improved monitoring of scrap flows to secure predictable feedstocks for recyclers.
Without urgent action, the report warns, Europe risks undermining its industrial base, defence readiness, and the credibility of its green transition.
For more information on this topic, please reach out to our Director of Energy and Resources, Helene Bille Albrechtsen.
Find the report here: Mind the Gap – CRM Refining in Europe – RG memo Feb 2026