The European Union is in the process of becoming less dependent on raw material supplies from individual countries in order to be more economically sovereign. As the basis for the digital and sustainable transformation of the economy, raw materials are the be-all and end-all.

The EIB has long been involved in projects that aim to substitute or recycle raw materials through innovation. In future, we will also be looking more closely at other areas of the raw materials industry and will also be scrutinising projects in raw materials extraction. We are also looking at projects in exploration and processing. We are taking a more strategic approach to the issue of critical raw materials.

Together with the EU Commission, we are analysing: What is actually needed? Where are the blank spots? Who is best placed to provide a solution? And, of course, we are exploring cooperation with the EU member states.

Take the phase of exploring raw material deposits: Some of the EU member states maintain raw material funds. We are now discussing with France, Germany and others how we can divide up the work there. It is conceivable that the member states will play a role in the first phase of exploration, and that the EIB will then join in with banking instruments.

One important point is shorter authorisation procedures. That is why I would like the national governments, which supported the European regulation on critical raw materials in the EU Council in the spring, to ensure that the authorisations for extraction projects are actually granted in practice within 15 months for processing and within 27 months for the extraction of raw materials. Investors are deterred if they have to wait 10 or 15 years. Faster authorisations can be a real game changer.

Yes, definitely. I am convinced that we have the opportunity to be a good, a better partner for resource-rich countries. Because we want a partnership that is profitable for both sides. Many countries outside Europe have realised that China is offering a lot of money very quickly. But in the end, the big bill often follows. Roads are only built to the mine and the harbour, the processing takes place elsewhere. And after a few years, an ecologically completely ruined area is left behind. We offer a counter-model.

We come with the latest technology. We leave value creation steps on site. This means that taxes are paid locally. This is a business on an equal footing, where jobs are created and staff are trained locally. And, of course, we guarantee environmental and social standards.

It is worth the effort to think about a revolving raw materials fund in the EU.

For example, it could help to cushion the volatility of commodity prices, especially when they are triggered by manipulation.

Investors get involved when they see that they can calculate profit prospects on a reliable basis. But the moment a lithium project is announced in Europe, for example, China floods the market with subsidised raw materials to undermine the business case.

We are currently discussing this with market participants. We are also exploring the extent to which contracts for difference could be helpful in this context. Or even commodity exchanges for commodities that are not currently traded on exchanges in the EU.

The basic financing of such a fund could come from the EU budget. It would be important for this fund to be revolving. This means that financing would have to be paid back into the fund as soon as a supported project has reached a sufficient level. This is an instrument that we are familiar with in Germany, for example, in the form of film funds. What works for a film fund can also work for commodity funds.

We often do business when it is still too risky for others and when we are needed to offer attractive long-term conditions based on our first-class rating.

We are different from development banks that manage grants. We are not in the grant business. We do help to arrange funding measures from the EU budget. But we focus on the technological and economic prospects of success for each individual project. We don't give money away.

Yes, exactly. And when we lend this money, we get it back later with interest.

That's precisely why we scrutinise them meticulously. And we reject a whole series of projects – or insist that they are adapted. Recently, one of our borrowers said to me – you are crawling into every cellar of every production facility! But the benefit of this very precise description of all risks can be seen in the low default rate. The EIB's non performing exposure is 0.4%. Commercial banks are regularly at more than 2%.

It has more to do with the fact that we have excellent experts and scientists, such as geologists and mining engineers, who scrutinise the projects thoroughly. When we participate in financing, it's a kind of TÜV seal of approval, a signal to investors and banks.

Yes, because in the EIB's self-image, climate protection was and is closely linked to innovation. For example, when we are involved in green mining or help to produce green steel or green concrete.

Yes, last year was the second time that the EIB met its self-imposed target of channelling at least half of the Bank's total investment of almost 90 billion euros into climate-related projects by 2025 at the latest. We are, so to speak, a frontrunner in terms of competitive sustainability.