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and policy briefing - Edition 2 2026","geo-economic-and-policy-briefing-edition-2-2026","publications/briefings/geo-economic-and-policy-briefings/geo-economic-and-policy-briefing-edition-2-2026",{"_uid":557,"date":558,"content":559,"excerpt":855,"component":856,"categories":857,"visibility":881,"publication_frequency":882,"formattedDate":883,"formattedArticleDate":884,"folder":885},"96b8981d-aa4f-4e81-b4ee-a5950ae4b141","2026-03-09 00:00",{"type":560,"content":561},"doc",[562,569,587,593,598,606,611,619,655,660,665,675,680,685,692,697,704,726,777,784,789,809,815,824,831,839,847],{"type":563,"attrs":564,"content":565},"paragraph",{"textAlign":49},[566],{"text":567,"type":568},"This is your monthly geo-economic and policy briefing, part of your Benchmark Source subscription. Every month, this briefing examines the key geo-economic and policy trends shaping the mine-to-grid supply chains, from critical minerals to electric vehicles (EVs). ","text",{"type":570,"attrs":571,"content":573},"heading",{"level":572,"textAlign":49},4,[574,583],{"text":575,"type":568,"marks":576},"1. ",[577,581],{"type":578,"attrs":579},"textStyle",{"color":580},"",{"type":582},"bold",{"text":584,"type":568,"marks":585},"What does the EU Industrial Accelerator Act (IAA) mean for batteries and EVs",[586],{"type":582},{"type":563,"attrs":588,"content":590},{"textAlign":589},"justify",[591],{"text":592,"type":568},"The European Commission has unveiled the long-awaited Industrial Accelerator Act (IAA), a legislative proposal designed to counter deindustrialisation in Europe, stimulate demand and create lead markets for strategic technologies, including batteries and EVs and strengthen the competitiveness of EU manufacturing. This is through European Union (EU) origin requirements, which define the conditions under which EVs and batteries qualify as EU origin for CO₂ performance standards, flexibilities, public procurement, and other forms of public support. The IAA also aims to speed up permitting for industrial projects, including battery gigafactories, and to set conditions for foreign direct investment (FDI) to generate and retain more local added value.",{"type":563,"attrs":594,"content":595},{"textAlign":589},[596],{"text":597,"type":568},"The IAA complements the Automotive Package tabled on 16 December 2025, which introduced flexibilities in CO₂ standards for cars and vans and a super credit mechanism for small, affordable electric cars under 4.2m (M1E category). The IAA provides the detailed EU origin requirements needed to access these flexibilities, as well as the criteria for receiving financial support to green corporate fleets.",{"type":570,"attrs":599,"content":601},{"level":600,"textAlign":589},5,[602],{"text":603,"type":568,"marks":604},"EU origin requirements for EVs, BESS and EV batteries, and what does 'EU origin' cover",[605],{"type":582},{"type":563,"attrs":607,"content":608},{"textAlign":589},[609],{"text":610,"type":568},"A central feature of the IAA is the introduction of different binding EU-origin requirements, which vary by battery application and apply under public procurement procedures and other forms of public support. For instance, BESS follow different EU origin requirements depending on whether they are procured through public procurement or auctions, while batteries in EVs face different requirements depending on the vehicle category. As a result, this set of local content rules adds complexity and uncertainty for both EU-based and non-EU-based manufacturers dependent on EU market access.",{"type":563,"attrs":612,"content":613},{"textAlign":589},[614],{"text":615,"type":568,"marks":616},"The requirements for an EV purchased and leased under public procurement to be defined as EU origin, which come into force after the entry into force of the IAA, are broadly as follows:",[617],{"type":578,"attrs":618},{"color":580},{"type":620,"attrs":621,"content":623},"ordered_list",{"order":622},1,[624,635,645],{"type":625,"content":626},"list_item",[627],{"type":563,"attrs":628,"content":629},{"textAlign":49},[630],{"text":631,"type":568,"marks":632},"The vehicle must be assembled in the EU.",[633],{"type":578,"attrs":634},{"color":580},{"type":625,"content":636},[637],{"type":563,"attrs":638,"content":639},{"textAlign":49},[640],{"text":641,"type":568,"marks":642},"At least 70% by value of its non-battery components must be of EU origin.",[643],{"type":578,"attrs":644},{"color":580},{"type":625,"content":646},[647],{"type":563,"attrs":648,"content":649},{"textAlign":49},[650],{"text":651,"type":568,"marks":652},"For the battery, at least three “main specific components” must be of EU origin, including at least the battery cells. The other components include modules, packs, cathodes, anodes, electrolytes, separators, current collectors, battery management systems (BMS), and/or battery thermal management systems (BTMS). Notably, the precursor cathode active materials (pCAM) are not included.",[653],{"type":578,"attrs":654},{"color":580},{"type":563,"attrs":656,"content":657},{"textAlign":589},[658],{"text":659,"type":568},"For the last rule, requirements ramp up after three years, after which at least five main components, including cells, the cathode, and the BMS, must be sourced from the EU. Furthermore, 50% by value of the e-powertrain and main electronic systems must also be of EU origin.",{"type":563,"attrs":661,"content":662},{"textAlign":589},[663],{"text":664,"type":568},"There is an important exception for small vehicles under 4.2m (M1E category), as outlined in the December 2025 Automotive Package. To comply with EU origin requirements, they must firstly be assembled in the EU, and additionally must meet just one of two requirements: either have at least 70% by value of its components (excluding battery) be of EU origin, or have a battery with at least three “main specific components” of EU origin, of which the cells must be one. Allowing these small vehicles, which are heavily reliant on Chinese-dominated LFP batteries, to meet EU-origin requirements through non-battery components makes it easier for manufacturers to bypass battery-origin rules.",{"type":666,"attrs":667},"blok",{"id":668,"body":669},"9e46ba04-ad4c-47fe-b818-7a150ccc161c",[670],{"id":671,"_uid":672,"type":673,"component":674,"fixed_height":580,"use_fixed_height":50,"fixed_height_mobile":580,"fixed_height_tablet":580},"27907693","i-38d7c57f-3d6b-4807-a799-fbc3ddb947e0","visualisation","ContentFlourish",{"type":563,"attrs":676,"content":677},{"textAlign":589},[678],{"text":679,"type":568},"One of the most important – and potentially controversial – design choices is the territorial scope of what counts as ‘EU origin’. Conceptually and overall, EU origin has a broad territorial scope: content from countries with which the EU has a Customs Union or a Free Trade Agreement (FTA) or that are parties to a Government Procurement Agreement (GPA), provided they offer the EU the same reciprocal access. According to several sources, this is a group of more than 40 countries, including the UK, South Korea and Japan, but excluding China, India, Canada and the US due to a lack of reciprocal access to local procurement. This still leaves room for circumvention of content from countries like Morocco, a growing battery and EV manufacturing hub supported by Chinese investments and with FTAs with the EU and the US.",{"type":563,"attrs":681,"content":682},{"textAlign":589},[683],{"text":684,"type":568},"However, specific and more restrictive so-called ‘Made in EU’ criteria apply for public financial support for corporate vans and vehicles (for both vehicles, smaller and bigger than 4.2m) and the allocation of super credits for small electric cars, whereby an EU-only origin definition applies.",{"type":570,"attrs":686,"content":687},{"level":600,"textAlign":589},[688],{"text":689,"type":568,"marks":690},"Permitting streamlining and industrial hubs",[691],{"type":582},{"type":563,"attrs":693,"content":694},{"textAlign":589},[695],{"text":696,"type":568},"To address project delays and cancellations in Europe due to excessive permitting bottlenecks, the IAA proposes to fully digitalise permitting processes and create a one-stop-shop for industrial manufacturing projects with clear time limits (up to 18 months for certain projects) and certain projects, such as energy-intensive projects located in so-called Industrial Acceleration Areas, acting as strategic manufacturing clusters, could benefit from easier access to permits, energy, raw materials, financing and improved administration coordination.",{"type":570,"attrs":698,"content":699},{"level":600,"textAlign":589},[700],{"text":701,"type":568,"marks":702},"FDI conditions and local value addition",[703],{"type":582},{"type":563,"attrs":705,"content":706},{"textAlign":589},[707,709,718,720,724],{"text":708,"type":568},"To ensure foreign direct investments in critical raw materials, batteries and EVs result in European supply resilience and to avoid situations where non-European companies invest in battery projects in Europe without creating much local added value, like ",{"text":710,"type":568,"marks":711},"CATL's LFP battery project with Stellantis in Spain, ",[712],{"type":713,"attrs":714},"link",{"href":715,"uuid":49,"anchor":49,"target":716,"linktype":717},"https://intelligence.benchmarkminerals.com/article/stellantis-catl-jv-to-bolster-europes-lfp-build-out","_self","url",{"text":719,"type":568},"the IAA sets common conditions for investments across the EU above €100 million from companies based in countries controlling more than 40% of global market share (read: China) in extraction, processing and recycling of critical raw materials, EV battery and BESS technologies and EVs. In order to be implemented, these ",{"text":721,"type":568,"marks":722},"foreign investments will need to meet at least four ",[723],{"type":582},{"text":725,"type":568},"of the following six criteria:",{"type":727,"content":728},"bullet_list",[729,736,749,756,763,770],{"type":625,"content":730},[731],{"type":563,"attrs":732,"content":733},{"textAlign":49},[734],{"text":735,"type":568},"Technology and IP transfers through agreements with EU entities",{"type":625,"content":737},[738],{"type":563,"attrs":739,"content":740},{"textAlign":49},[741,743,747],{"text":742,"type":568},"At least 50% of the workforce throughout its operation shall be made up of EU workers (",{"text":744,"type":568,"marks":745},"mandatory criterion",[746],{"type":582},{"text":748,"type":568},")",{"type":625,"content":750},[751],{"type":563,"attrs":752,"content":753},{"textAlign":49},[754],{"text":755,"type":568},"Foreign participation cannot exceed 49% of capital, voting rights, or equivalent ownership interests",{"type":625,"content":757},[758],{"type":563,"attrs":759,"content":760},{"textAlign":49},[761],{"text":762,"type":568},"Foreign participation through a joint venture with one or more European entities.",{"type":625,"content":764},[765],{"type":563,"attrs":766,"content":767},{"textAlign":49},[768],{"text":769,"type":568},"1% of turnover is invested in R&D in the EU.",{"type":625,"content":771},[772],{"type":563,"attrs":773,"content":774},{"textAlign":49},[775],{"text":776,"type":568},"30% of components purchased for the finished product must be sourced locally in the EU",{"type":570,"attrs":778,"content":779},{"level":600,"textAlign":589},[780],{"text":781,"type":568,"marks":782},"Next steps in the legislative process",[783],{"type":582},{"type":563,"attrs":785,"content":786},{"textAlign":589},[787],{"text":788,"type":568},"The EU Commission’s IAA proposal will now be negotiated by members of the European Parliament and country ministers at the Council of the EU before it can be adopted and take effect. This process could take some time, as EU member states remain divided on key terms, which may result in amendments to the scope, thresholds, and definitions. Illustrative of this is France’s reaction to the IAA publication, arguing that “what is proposed isn’t protective enough of European interests.",{"type":570,"attrs":790,"content":791},{"level":572,"textAlign":589},[792,798,802],{"text":793,"type":568,"marks":794},"2. ",[795,797],{"type":578,"attrs":796},{"color":580},{"type":582},{"text":799,"type":568,"marks":800},"Monthly round-up of ",[801],{"type":582},{"text":803,"type":568,"marks":804},"the remaining key geopolitical and policy updates",[805,808],{"type":578,"attrs":806},{"color":807},"black",{"type":582},{"type":666,"attrs":810},{"id":668,"body":811},[812],{"id":813,"_uid":814,"type":673,"component":674,"fixed_height":580,"use_fixed_height":50,"fixed_height_mobile":580,"fixed_height_tablet":580},"27538626","i-a918bf89-1586-42eb-854d-a0a9bd03fdc2",{"type":570,"attrs":816,"content":817},{"level":572,"textAlign":589},[818],{"text":819,"type":568,"marks":820},"3. Key Macro-economic Indicators",[821,823],{"type":578,"attrs":822},{"color":807},{"type":582},{"type":666,"attrs":825},{"id":668,"body":826},[827],{"id":828,"_uid":829,"type":830,"component":674,"fixed_height":580,"use_fixed_height":50,"fixed_height_mobile":580,"fixed_height_tablet":580},"3493187","i-1f12d3b3-5523-4102-9c11-ac43f8dd14b5","story",{"type":563,"attrs":832,"content":833},{"textAlign":589},[834],{"text":835,"type":568,"marks":836},"Global markets have taken a turn lower amid escalating war with Iran, with equities across the US, Europe and Asia posting declines. The sell-off reflects rising geopolitical risk and concern that the conflict could disrupt critical energy supply routes in the Middle East. Risk appetite has deteriorated noticeably, with investors rotating out of cyclical sectors and into defensive assets as volatility moves higher.",[837],{"type":578,"attrs":838},{"color":580},{"type":563,"attrs":840,"content":841},{"textAlign":589},[842],{"text":843,"type":568,"marks":844},"At the centre of market anxiety is the threat of an energy shock. Iran’s strategic position near the Strait of Hormuz a vital artery for global oil shipments has heightened fears of supply disruption. Oil and gas prices have moved sharply higher in response, reigniting inflation concerns at a time when many central banks had been preparing to ease policy. The prospect of renewed energy-driven price pressures has complicated the interest rate outlook, with markets now anticipating a more cautious and prolonged policy stance.",[845],{"type":578,"attrs":846},{"color":580},{"type":563,"attrs":848,"content":849},{"textAlign":589},[850],{"text":851,"type":568,"marks":852},"In this environment, commodities have reasserted their role as a hedge against geopolitical and inflation risk. Energy markets have led the gains, while gold has attracted renewed safe-haven demand, trading close to recent highs. Broader commodity indices have firmed as investors seek tangible assets amid uncertainty. With the trajectory of the Iran conflict unclear, price volatility across energy, currencies, and risk assets is likely to remain elevated in the near term.",[853],{"type":578,"attrs":854},{"color":580},"This is your monthly geo-economic and policy briefing, part of your Benchmark Source subscription. Every month, this briefing examines the key geo-economic and policy trends shaping the mine-to-grid supply chains, from critical minerals to electric vehicles (EVs)","briefing",[858,860,863,866,869,872,875,878],{"slug":859,"name":265},"anode",{"slug":861,"name":862},"batteries","Batteries",{"slug":864,"name":865},"battery-technology","Battery Technology",{"slug":867,"name":868},"critical-minerals","Critical Minerals",{"slug":870,"name":871},"ess","ESS",{"slug":873,"name":874},"ev","EV",{"slug":876,"name":877},"geopolitics","Geopolitics",{"slug":879,"name":880},"gigafactories","Battery & Gigafactory","private","monthly","Mar 09, 2026","9th March 2026",{"slug":886,"title":887,"cardImage":888,"description":889,"frequency":890},"geo-economic-and-policy-briefings","Geo Economic And Policy Briefings","https://a.storyblok.com/f/287943243085208/x/c23333c1e3/geo-economic-policy-hero.avif","This Briefing unpacks the month's key policies impacting global and regional energy transition supply chains.","Monthly",[],[],1789748917412]