Building resilient economies – the role of policy

IRTC-Business virtual workshop and Round Table, November 17, 2020

In the framework of the European Commission’s Raw Materials Week

Mitigation actions for raw materials supply risks range from those that are effective on company level to those that necessitate coordinated government action. The COVID-19 pandemic has shown that companies’ ranges of action can be limited when it comes to large-scale disruptions on a global scale. Firms can hardly protect their supply chains from events of global magnitudes.

The probability of supply disruptions is difficult to predict due to its dynamic nature and the wide range of potentially relevant supply risk factors. However, the study of supply risk factors can help to identify vulnerabilities of current global economic systems. In order to mitigate potential risks, it can be helpful to focus on the development of more resilient supply chains that have a lower vulnerability to large-scale disruptions and distortions. There is a role of both companies and policymakers to anticipate possible bottlenecks and find solutions to mitigate supply disruptions in mid or long-term time frames to limit economic and social damage.

In times of crises, governments take a more decisive role, and their actions can have an essential impact on industry operations. How can the possibility of such global crises be anticipated in risk management, and how can these risks be effectively mitigatedfor vulnerable industries, while also balancing requirements for economic competitiveness? How can favorable framework conditions for risk mitigation be put in place in order to facilitate industry initiatives?

The workshop and Round Table discussion by experts from industry and policy will investigate the role of policy-making for raw material risk mitigation and possible ways forward. You can register here until November 7.

 

About the Project

IRTC is an international “Round Table” project on approaches towards assessing materials criticality, taking place in the form of workshops at international conferences. The results are consecutively published in the form of joint scientific papers and a Roadmap on Criticality for authorities. The project shall advance the research in criticality assessment, foster international exchange and education in the topic, identify common ground and differences, and raise awareness towards materials criticality, especially in industry. It shall also lay the cornerstone for a long-lasting international network of internationally leading experts. Awareness towards materials criticality, and its crucial role for a circular economy, shall be raised by creating visibility at established conference with a diverse audience and high impact in research and industry.