In the revised methodology, under the Economic Importance (EI) dimension, two policy needs were prioritized:
The fact that the EC methodology is based on an economy-wide approach creates even higher methodological difficulties, as opposed to assessments where some selected technologies and the related raw materials are targeted. In fact, it is virtually impossible to measure the importance of all applications in which the vast majority of all possible raw materials are used. Moreover, the choice of measuring the EI downstream practically obliges to adopt substantial simplifications.
In summary, the two main alterations of the refined economic importance component include:
The revised approach to calculate EI and material substitution results in the following calculation procedure:
Where: EI is economic importance; As is the share of end use of a raw material in a NACE Rev. 2 2-digit level sector; Qs is the NACE Rev. 2 2-digit level sector’s VA; SIEI is the substitution index (SI) of a RM (to be used in economic importance); and s denotes sector.