Arctic Economic Council: Overwhelming majority of the EU CRMs are in the Arctic
The Arctic Economic Council (AEC) has published the Arctic Mining Report 2024, revealing that an overwhelming majority of the raw materials considered critical by various countries are located in the Arctic region. The report provides a comprehensive mapping of critical raw materials (CRMs) across Arctic states, analyzes current mining activities, and assesses future projects and potential for CRM production in the region. Additionally, it highlights the mining industry’s crucial role in advancing the green transition in the Arctic and offers recommendations to policymakers on how to accelerate development.
Climate change, one of the most significant challenges of our time, is putting intense pressure on industries to decarbonize. Achieving our climate goals requires an even greater share of renewable energy in the world economy. Wind and solar installations, batteries, and electronics depend on access to these critical raw materials that countries have identified in their strategies. Currently, three-quarters of the CRMs on the EU’s list are extracted in the Arctic, and there is massive untapped potential for countries to meet their raw materials needs from this vast region.
“For centuries, mining has been the backbone of Arctic communities and economies. The region has stable and robust environmental and ethical regulations as well as a long track record of indigenous participation in the mining industry. Our recent report shows the enormous potential for developing the mining industry,” says AEC Executive Director Mads Qvist Frederiksen.
The Arctic Economic Council is an international business membership organization advocating for sustainable economic development in the Arctic region. It was created by the Arctic Council in 2014, and its headquarters are above the Arctic Circle in Tromsø, Norway.
For those interested in the full Arctic Mining Report 2024, requests can be made via email at [email protected]. Further insights on this topic can be found in the article “If We Want an Energy Transition, We Must Have More Mining.”
AEC’s Ten Key Recommendations for Starting Critical Raw Material (CRM) Mining in the Arctic
Tromsø, Norway – The Arctic Economic Council has published the Arctic Mining Report 2024, offering key recommendations to support the sustainable development of critical raw materials in the Arctic. The report provides a comprehensive mapping of CRMs across Arctic states, analyzes current mining activities, and assesses future projects and potential for CRM production in the region. Additionally, it highlights the mining industry’s crucial role in advancing the green transition in the Arctic.
“The Arctic has all the raw materials necessary for the green transition. We have developed a set of recommendations on how to kick-start CRM development in the Arctic. Among other things, we need to improve the speed of planning, focus on skills development for people, and strengthen dialogue with local stakeholders,” says AEC Executive Director Mads Qvist Frederiksen.
The report comes the same week that Canada and the Nordic countries jointly met in Nunavut, Canada, to discuss Arctic cooperation. In the joint statement following the meeting, the countries recognized their significant deposits of critical minerals and confirmed their commitment to promote responsible development of sustainable and resilient critical mineral value chains, as well as to work together to advance economic well-being in the Arctic.
“There is a soaring demand for critical raw materials driven by the green transition, and we see growing state-to-state partnerships across the Arctic. However, there is still a supply-and-demand gap that we have to close—and we have to close it fast. That is why our recommendations balance speed, security, science, and social license to operate. Considering all variables is important if we want to develop the sector,” adds Frederiksen.
Ten Key Recommendations:
- Speed
Recognize that a healthy mining economy, robust supply chains, skilled workforce capacity, and well-functioning regulatory processes with reasonable timelines are foundational for investment in new critical mineral developments. Faster responses from the public sector are crucial for CRM development in the Arctic. - Skills
In a sparsely populated region with concerning demographic trends, investments in local skills are essential, as is attracting a workforce from outside the region. Policymakers should focus on skills development from early education through to higher education, with a particular emphasis on vocational training. - Scale
Governments need to make substantial investments in building essential infrastructure, such as roads, ports, rail, power lines, and communications, to attract private investment and benefit local communities. Larger infrastructure projects strengthen the business case for mining companies. - Strengthen Dialogue
- Security
- Showcase
- Science
- Study
- Strategic Planning
- Social License
For those interested in reading the full set of recommendations and requesting the complete version of the report, contact [email protected].
Originally published on 1 October by Arctic Economic Council.
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