Critical minerals need more funding from European banks; Hydro CEO calls for sanctions against Russian aluminium

As the European Union developed its Green Deal industrial plan, European Commissioner Thierry Breton encouraged European bankers to provide finance to producers of minerals essential for the energy transition.

On March 8, the EU will introduce its Critical Raw Materials Act, ensuring that the bloc has access to the lithium, cobalt, nickel, manganese, and graphite needed for electric vehicles.

Breton emphasised two crucial problems. The first is an overreliance on some nations, such as China, a significant manufacturer of commodities like magnesium used in machinery, automobiles, and electronics. The second is the "colossal" rise in demand that is anticipated.

Energy-intensive sectors like aluminium, among others planning to move output outside the group due to rising power costs following the Russia-Ukraine geopolitical crisis. In the past, Russia has been a significant source of aluminium, nickel, copper, cobalt, and palladium for Europe.

Hilde Merete Aasheim, the CEO of Norwegian aluminium giant, Hydro, discusses the economic impact of the Russia-Ukraine geopolitical crisis, calls for the European Union to impose sanctions on Russian aluminium, and firms Hydro's outlook for 2023.

The CEO said, "It is important for us to have a voice.  EU should impose sanctions on Russian aluminium."