Navigating the Critical Raw Materials Act: The Importance of Reporting and How Hub360 Can Support Compliance
In May this year, the Critical Raw Materials Act (CRMA) came into effect in Ireland, marking a significant step forward in the EU’s efforts to secure a sustainable and reliable supply of critical raw materials. The Act is designed to help Europe achieve its 2030 climate and digital objectives by ensuring that these essential materials are sourced, used, and recycled in a sustainable and efficient manner.
The Key Objectives of the Critical Raw Materials Act
The CRMA is a comprehensive regulation that addresses the growing global demand for critical raw materials, driven by the decarbonisation of economies and the push towards digital transformation. The Act sets out several key measures that EU countries and private operators must implement to enhance the sustainability and circularity of these materials within the EU market.
Promoting a Sustainable and Circular Economy for Critical Raw Materials
This Act aims to incentivise large-scale recycling efforts and reduce the environmental impact of critical raw materials.
One of the central aims of the CRMA is to improve the collection and recycling of critical raw material-rich waste. EU countries are required to take proactive measures to ensure that waste containing these valuable materials is efficiently collected and recycled into secondary raw materials.
The CRMA empowers the European Commission to establish rules governing the environmental footprint of critical raw materials. These rules are designed to ensure that products containing these materials meet stringent sustainability standards and contribute to the overall circularity of the EU economy.
The Importance of Monitoring, Tracking, and Reporting
Compliance with the CRMA requires organisations to implement robust monitoring, tracking, and reporting systems. Specifically, organisations must:
Track and Report on Recycling and Waste Management: It is essential to monitor the collection, recycling, and recovery of critical raw materials, particularly those extracted from waste. This includes adhering to the CRMA’s rules on recyclability and recycled content, ensuring that all materials are reused as effectively as possible.
Monitor Environmental Footprint: Organisations must comply with the environmental footprint standards set by the Commission. This involves assessing the sustainability of products containing critical raw materials and ensuring that these products align with the EU’s environmental goals.
How Hub360 Can Support Compliance with the CRMA
Real-Time Supply Chain Monitoring: Hub360 enables organisations to maintain transparency in their supply chains by providing real-time data on the sourcing and movement of materials.
Sustainability Reporting: With Hub360, organisations can easily generate reports that detail their compliance with the CRMA’s sustainability requirements, helping organisations demonstrate their commitment to sustainability and circularity.
As the CRMA continues to shape the future of critical raw materials in Europe, robust reporting and compliance tools like Hub360 will be essential for organisations aiming to stay ahead of the curve.