Arctic Economic Council:  Overwhelming majority of the EU CRMs are in the Arctic.

Press Release – October 1st, 2024

Tromsø, Norway – The Arctic Economic Council has published the Arctic Mining Report 2024, showing 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 across Arctic states, analyses 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 the 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 even bigger share of the renewable energy in the world economy.  Wind and solar installations, batteries as well as electronics depends on a the access to these critical raw materials that countries have defined in their various strategies. Today, three quarters of the CRM from EU’s list are extracted in the  Arctic and there is a massive untapped potential for countries to find all of their raw materials needs across 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 records of indigenous participation in the mining industry. Our recent report shows the enormous potential there is in developing the mining industry,” says AEC executive Director Mads Qvist Frederiksen.

The Arctic Economic Council is an international business membership organisation advocating for sustainable economic development in the Arctic region. AEC was created by the Arctic Council in 2014 and its headquarters is above the Arctic Circle in Tromsø, Norway.

Download the preview document here.

Request the full version of the report via email at info@arcticeconomiccouncil.com

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For further insights on this topic, read If we want an energy transition, we must have more mining

Photo credit: Agnico Eagle