EU Considers Supporting Manufacturers Of Rare Earth Magnets ...Middle East

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EU Considers Supporting Manufacturers Of Rare Earth Magnets
source : OILPRICE ( Middle East ) () 7
The European Union is considering proposals and ideas to support manufacturers of rare earth magnets—key elements in electric vehicles—as the EU looks to reduce supply chain dependence on China and reach net-zero emissions by 2050, sources familiar with the plan told Reuters. Permanent rare earth magnets are critical to the energy transition because they are used in electric vehicles (EVs) and wind turbines. They contain rare earth minerals, a sector in which China currently dominates the global market and supply chains. Europe, as…

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