Dear all
here is a short summary what will happen in some weeks in the EU. Bigger company's Like BMW can't import things Like lithium from china easily. That will be a huge Advantage for mines within Europe.
The EU Parliament passes supply chain law:After tough negotiations, the time had finally come on April 24, 2024: the European Parliament passed the EU Supply Chain Act. 374 MPs voted for the law, 235 against and 19 abstained. The new law is intended to make companies more responsible in the future to ensure that basic human rights and environmental standards are adhered to along global supply chains.
Companies have an obligation
The law primarily affects large companies with more than 1,000 employees that import products into the EU. From 2025, these companies must ensure that there are no human rights violations or environmental violations among their direct suppliers. From 2028, this duty of care will also apply to the entire supply chain, including indirect suppliers.
If companies do nothing or do too little to check their supply chains, they face fines of up to four percent of annual sales. In addition, those affected have the opportunity to sue for damages in European courts. In certain circumstances, the companies also hold for their subsidiaries and suppliers.
(20min delay)