Australia’s federal government will put $2 billion into mining and processing critical minerals for use in clean energy technology.
The critical minerals are used in products such as batteries, wind turbines, solar panels and EV parts.
The $2b injection announced during prime minister Anthony Albanese’s four-day US visit will fund loans for projects to mine and process the minerals with Australia aiming for supply chains with the US.
Albanese says the fund will help Australia transition to a decarbonised economy while attracting US investment.
The announcement came ahead of the first roundtable meeting of the Australia-United States Taskforce on Critical Minerals in Washington.
Albanese reckons Australians will benefit through technology, skills, jobs and economic gains.
The $2b commitment will increase the capacity of the Critical Minerals Facility to about $6b to finance Australian critical minerals mining and processing projects.
