Monday, May 29, 2023

Australia and the US agree to boost the supply of renewable energy and critical minerals

The governments of Australia and the United States have agreed a clean electricity generation agreement focused on the energy transition and emissions reduction as well as coordinating policies and investments to support the development of Australia’s critical minerals industry, including lithium.

The agreement, called the “Climate Change, Critical Minerals and Clean Energy Treaty” and signed last weekend, also calls for the US Congress to take legal action to ensure Australian suppliers are treated as a national activity and its Plus, offer them tax incentives. Outline of the Inflation Reduction Act (IRA), which was promoted and approved during the administration of President Joe Biden.

The legislation seeks, among other objectives, to promote large-scale climate and clean energy actions in the US.

With this compact, the White House seeks to expand and diversify supply chains responsible for clean energy as well as critical minerals, in addition to accelerating the development of markets for clean technologies and meeting growing demand for energy and adaptation needs. wants to support. of the Indo-Pacific region.

According to the agencies, Australia and the United States committed to identify specific actions aimed at meeting the objectives of the treaty over a 12-month period.

Australia allocated US$1.33 billion in its 2023 and 2024 budgets to accelerate large-scale green hydrogen projects, looking to establish itself as the world leader in this type of technology.

For lithium, the country ranks first globally in the production of this mineral, with an estimated volume of 61,000 tonnes, followed by Chile with 39,000 tonnes and China with 19,000 tonnes, according to figures for the end of 2022.

The treaty established North American support for the development of Australia’s vital mineral industry.

Finally, the Australian Government will release a strategy regarding the processing of critical minerals.

Nation World News Desk
Nation World News Desk
Nation World News is the fastest emerging news website covering all the latest news, world’s top stories, science news entertainment sports cricket’s latest discoveries, new technology gadgets, politics news, and more.
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