The European Union plans to stockpile critical minerals as a precaution against potential supply disruptions due to geopolitical tension, reports the Financial Times, citing a draft document by the European Commission.
“The EU faces an increasingly complex and deteriorating risk landscape marked by rising geopolitical tensions, including conflict, the mounting impacts of climate change, environmental degradation, and hybrid and cyber threats,” the FT quoted the draft.
The document, expected to be released next week, also highlights a lack of shared clarity on which essential goods are required for crisis readiness in light of an increasingly complex and shifting risk environment.
The initiative is not without precedent: in March, the European Commission also unveiled the EU’s EU Preparedness Strategy, which encourages member states to strengthen their stocks of critical equipment and encourages citizens to have at least 72 hours’ worth of essential supplies in case of emergencies, including natural disasters, cyber attacks, and geopolitical crises.