MEPs have voted for a proposal to establish a new authority with the power to buy stakes in commodity companies and build up strategic stockpiles of critical minerals. The aim is to reduce the EU’s dependence on China, the Financial Times reports.
The proposal, spearheaded by Dutch MEP Mohammed Chahim, entails a more active industrial policy modelled on the US and Japan. The authority would be able to invest directly in commodity projects to secure access to minerals that are important for the defence industry and the green transition.
The initiative is also intended to reduce the EU’s vulnerability to Chinese export restrictions and market influence.
