Towards sustainable development in the European Union: a critical raw materials perspective

Abstract

Sustainability is a key goal of the European Union, which is seen as a global leader of change in tackling climate change, as well as building green economic sustainability, leading to greater social prosperity. A milestone of sustainable development to support the European Union in achieving climate neutrality is the European Green Deal. Its initiatives aim to build a competitive and innovative EU economy while respecting and protecting the environment. According to current priorities, the European Union aims to become the first climate-neutral continent by 2050, thanks to critical raw materials. The purpose of this article is to analyse and assess the impact of critical raw materials on the sustainability of the European Union. The study uses a scoping review methodology and statistical analysis based on the Shapiro-Wilk test and Spearman correlation coefficient. The results show that critical raw materials are important for achieving sustainable development and implementing the EU economy towards climate neutrality. This paper contributes to the literature on sustainability. It can also provide important information for policymakers to understand how to shape green policies in the context of the strategic importance of critical raw materials in the transformation of an eco-innovative economy.