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and policy briefing - Edition 8","geo-economic-and-policy-briefing-edition-8","publications/briefings/geo-economic-and-policy-briefings/geo-economic-and-policy-briefing-edition-8",{"_uid":555,"date":556,"content":557,"excerpt":758,"component":759,"categories":760,"visibility":801,"publication_frequency":802,"formattedDate":803,"formattedArticleDate":804,"folder":805},"447a9914-2b72-46bd-8a51-edf21cf0656a","2026-09-25 00:00",{"type":558,"attrs":559,"content":560},"doc",{"backgroundColor":49},[561,580,589,605,610,615,620,630,635,641,648,653,658,663,668,675,680,686,691,696,716,722,736,743,748,753],{"type":562,"attrs":563,"content":565},"heading",{"level":564,"textAlign":49},4,[566,576],{"text":567,"type":568,"marks":569},"1. ","text",[570,574],{"type":571,"attrs":572},"textStyle",{"color":573},"",{"type":575},"bold",{"text":577,"type":568,"marks":578},"EU Industrial Accelerator Act (IAA): state of play and what lies ahead",[579],{"type":575},{"type":562,"attrs":581,"content":584},{"level":582,"textAlign":583},5,"justify",[585],{"text":586,"type":568,"marks":587},"Main IAA pillars",[588],{"type":575},{"type":590,"attrs":591,"content":592},"paragraph",{"textAlign":583},[593,595,603],{"text":594,"type":568},"The European Commission unveiled its ",{"text":596,"type":568,"marks":597},"Industrial Accelerator Act (IAA) proposal on 4 March",[598],{"type":599,"attrs":600},"link",{"href":601,"uuid":49,"anchor":49,"target":49,"linktype":602},"https://intelligence.benchmarkminerals.com/publications/briefings/geo-economic-and-policy-briefings/geo-economic-and-policy-briefing-edition-2-2026","url",{"text":604,"type":568}," to reduce supply dependencies and support local battery and electric vehicle (EV) manufacturing. The proposal aims to stimulate demand, create lead markets, and establish local content requirements for EVs and battery energy storage system (BESS) technologies receiving public support.",{"type":590,"attrs":606,"content":607},{"textAlign":583},[608],{"text":609,"type":568},"The IAA has two main pillars. The first introduces local content requirements, so-called Union-origin requirements, which determine when EVs and batteries qualify as EU-origin products for access to CO₂ performance-standard flexibilities, public procurement, and other support.",{"type":590,"attrs":611,"content":612},{"textAlign":583},[613],{"text":614,"type":568},"The second establishes conditions for foreign direct investments (FDI), mainly targeting Chinese investments in Europe. FDI above EUR100 million from countries holding more than 40% of global market share in critical raw materials (CRM) extraction, processing and recycling, as well as EV battery and BESS technologies and EVs, would require clearance. Investors would need to meet at least four of six conditions: technology and intellectual property transfer agreements with EU entities; a workforce that is at least 50% local; foreign ownership capped at 49%; a joint venture with EU partners; investment equivalent to 1% of turnover in EU research and development; and sourcing 30% of components from the EU.",{"type":590,"attrs":616,"content":617},{"textAlign":583},[618],{"text":619,"type":568},"While EV batteries face different requirements depending on the vehicle category and public support route, BESS is handled separately through amendments to the Net-Zero Industry Act (NZIA), with the same rules applying identically across procurement, renewable auctions, and support schemes. The Union-origin requirements, with different definitions of Union, which come into force after the entry into force of the IAA, are broadly as follows:",{"type":621,"attrs":622},"blok",{"id":623,"body":624},"f98b4ced-7520-485c-b189-c9b2e9e41a4f",[625],{"id":626,"_uid":627,"type":628,"component":629,"fixed_height":573,"use_fixed_height":50,"fixed_height_mobile":573,"fixed_height_tablet":573},"30342569","i-7a7f2c0a-3e89-4565-b470-4aa0e5125d27","visualisation","ContentFlourish",{"type":590,"attrs":631,"content":632},{"textAlign":583},[633],{"text":634,"type":568},"The battery supply-demand outlook varies across the battery supply chain. Particularly, the EU outlook for cathode active materials (CAM) looks challenging. The EU demand-supply gap is forecast to remain above 150% in 2029, at more than 500,000 t. Even with small-vehicle and FTA flexibilities, a substantial shortfall is likely to remain, requiring faster investment in European CAM production.",{"type":621,"attrs":636},{"id":623,"body":637},[638],{"id":639,"_uid":640,"type":628,"component":629,"fixed_height":573,"use_fixed_height":50,"fixed_height_mobile":573,"fixed_height_tablet":573},"30342767","i-b2e98f53-f4dd-4ba0-b7b2-88a9dca72c38",{"type":562,"attrs":642,"content":643},{"level":582,"textAlign":583},[644],{"text":645,"type":568,"marks":646},"Main discussion points and contentious areas",[647],{"type":575},{"type":590,"attrs":649,"content":650},{"textAlign":583},[651],{"text":652,"type":568},"The small-vehicle derogation is one of the proposal's main areas of debate. Qualifying vehicles would need to meet only one of two local content requirements, in addition to being assembled in the EU. Around 12% of the EU's battery electric vehicle (BEV) sales last year were small vehicles made in the EU, according to Benchmark's EV & Battery Service. Established manufacturers with European plants should be able to meet the 70% non-battery threshold, potentially making the alternative battery-related requirement redundant. Manufacturers could therefore continue importing Chinese cells and packs for small, low-range vehicles, where lithium iron phosphate (LFP) batteries are widely used.",{"type":590,"attrs":654,"content":655},{"textAlign":583},[656],{"text":657,"type":568},"Notably, raw materials, anode active material (AAM), and precursor cathode active material (pCAM) are outside the binding set of Union-origin requirements. The IAA therefore provides limited investment support for segments where Chinese control is strongest, although localisation requirements would also expose European producers to intense competition with China, especially on the AAM and pCAM sides.",{"type":590,"attrs":659,"content":660},{"textAlign":583},[661],{"text":662,"type":568},"Moreover, cost and availability exemptions could further limit the rules' impact. Under the current proposal, member states could operate non-compliant support schemes where compliance caused delays of more than 7 months or increased the final product price by more than 30%. The IAA proposal does not specify how to calculate underlying costs. This could make the 30% threshold hard to apply consistently and create a broad exemption for vehicles that cost significantly more than Chinese alternatives. Many vehicles on sale in Europe today could already be argued to cost more than 30% above a BYD equivalent.",{"type":590,"attrs":664,"content":665},{"textAlign":583},[666],{"text":667,"type":568},"The proposed EU-only definition for corporate fleets has also drawn much debate. Corporate fleets account for most of the European EV market, and the EU-area assembly requirement has raised concerns among EU trade partners with strong automotive industries, such as South Korea, Japan, Turkey, and the UK. China accounted for 17% of EVs sold in the EU in 2025. BYD's and SAIC's investments in Hungary and Spain demonstrate the growing role of Chinese companies in European manufacturing. The IAA could make further investment and market access more difficult, depending on the final text.",{"type":562,"attrs":669,"content":670},{"level":582,"textAlign":583},[671],{"text":672,"type":568,"marks":673},"Next steps and the Member States vs EU Parliament split on EU origin",[674],{"type":575},{"type":590,"attrs":676,"content":677},{"textAlign":583},[678],{"text":679,"type":568},"The IAA will follow the ordinary European legislative procedure, which could continue until late 2027 before it enters into force after Parliament and Council adoption. Some local content requirements may apply from 2028 at the earliest. The EU Parliament and the Council of the EU, representing the member states, will take separate positions before negotiating a common text, with the European Commission acting as broker.",{"type":621,"attrs":681},{"id":623,"body":682},[683],{"id":684,"_uid":685,"type":628,"component":629,"fixed_height":573,"use_fixed_height":50,"fixed_height_mobile":573,"fixed_height_tablet":573},"30342249","i-9d90a9ba-e1c0-4810-b073-34e695b2cd12",{"type":590,"attrs":687,"content":688},{"textAlign":583},[689],{"text":690,"type":568},"Recent draft amendments from the Parliament would strengthen the proposal by making CAM mandatory for BESS and requiring at least 20% of relevant strategic raw materials to be mined, processed, or recycled in the EU. This share would rise to 40% by 2036 for BESS, although no equivalent escalator has been proposed for EVs.The Parliament has also proposed reducing the FDI notification threshold from EUR100 million to EUR50 million, lowering the control test from 30% to 10%, and making all six investment conditions cumulative. These changes could concern member states such as Spain and countries in Eastern Europe that rely on vehicle assembly.",{"type":590,"attrs":692,"content":693},{"textAlign":583},[694],{"text":695,"type":568},"A further dispute concerns automatic equivalence for FTA and Government Procurement Agreement (GPA) partners. The Parliament appears to favour a discretionary system, prioritising the EEA, EFTA and the UK. France may support this approach, while Germany, Sweden, Luxembourg, and the Netherlands may prefer to retain automatic access for FTA and GPA partners to contain costs and supply risk.",{"type":562,"attrs":697,"content":698},{"level":564,"textAlign":583},[699,705,709],{"text":700,"type":568,"marks":701},"2. ",[702,704],{"type":571,"attrs":703},{"color":573},{"type":575},{"text":706,"type":568,"marks":707},"Monthly round-up of ",[708],{"type":575},{"text":710,"type":568,"marks":711},"the remaining key geopolitical and policy updates",[712,715],{"type":571,"attrs":713},{"color":714},"black",{"type":575},{"type":621,"attrs":717},{"id":623,"body":718},[719],{"id":720,"_uid":721,"type":628,"component":629,"fixed_height":573,"use_fixed_height":50,"fixed_height_mobile":573,"fixed_height_tablet":573},"30342212","i-8631532e-24b8-4548-af1e-07dbb5b2a8e2",{"type":562,"attrs":723,"content":724},{"level":564,"textAlign":583},[725,730],{"text":726,"type":568,"marks":727},"3. ",[728],{"type":571,"attrs":729},{"color":714},{"text":731,"type":568,"marks":732},"Key macroeconomic Indicators",[733,735],{"type":571,"attrs":734},{"color":714},{"type":575},{"type":621,"attrs":737},{"id":623,"body":738},[739],{"id":740,"_uid":741,"type":742,"component":629,"fixed_height":573,"use_fixed_height":50,"fixed_height_mobile":573,"fixed_height_tablet":573},"3822270","i-3cffc5e6-8246-4783-9652-6bad65b2e179","story",{"type":590,"attrs":744,"content":745},{"textAlign":49},[746],{"text":747,"type":568},"Price pressures are rising in the US economy, with import prices up 0.7% in August and 7% compared with August 2025. Retail sales were strong in the month, however, rising 1.2%, their largest increase since September 2024.",{"type":590,"attrs":749,"content":750},{"textAlign":49},[751],{"text":752,"type":568},"Increases in energy costs have also helped drive up prices in China, where the consumer price index rose 0.8% year-on-year in August, while the producer price index increased 3.8%, up from 3.5% in July, according to the country’s statistics bureau. Consumer prices remained constrained by sluggish domestic demand.",{"type":590,"attrs":754,"content":755},{"textAlign":49},[756],{"text":757,"type":568},"The latest Eurozone statistics show positive signs for the European economy, with business activity in September rising more than in any month since 2023. Growth was seen in both services and manufacturing, with a composite PMI of 53.1 in September, up from 52.0 in August.","This is your monthly geo-economic and policy briefing, part of your Benchmark Intelligence 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",[761,763,766,768,770,773,776,779,782,785,788,791,793,795,798],{"slug":762,"name":263},"anode",{"slug":764,"name":765},"batteries","Batteries",{"slug":767,"name":298},"cathode",{"slug":769,"name":116},"cobalt",{"slug":771,"name":772},"copper","Copper",{"slug":774,"name":775},"critical-minerals","Critical Minerals",{"slug":777,"name":778},"ess","ESS",{"slug":780,"name":781},"ev","EV",{"slug":783,"name":784},"geopolitics","Geopolitics",{"slug":786,"name":787},"gigafactories","Battery & Gigafactory",{"slug":789,"name":790},"graphite","Graphite",{"slug":792,"name":189},"natural-graphite",{"slug":794,"name":418},"rare-earths",{"slug":796,"name":797},"raw-materials","Raw Materials",{"slug":799,"name":800},"recycling","Recycling","private","monthly","Sep 25, 2026","25th September 2026",{"slug":806,"title":807,"cardImage":808,"description":809,"frequency":810},"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",[],[],1791477561106]