Mining companies will gain an extra $2 billion to expand the production of critical minerals needed for renewable energy and high-tech devices under a federal plan to meet soaring demand for the components tightly controlled by China.
Biden is also expected to host a private dinner with Albanese at the White House on Tuesday night , when the two leaders will be joined by their partners, Jill Biden and Jodie Haydon. “Australia is committed to building sustainable and secure critical minerals supply chains with the United States. This is central to building a clean energy future and delivering economic growth,” Albanese said.King said finding and exporting more critical minerals would be vital to achieving the national target to increase renewable energy and cut carbon emissions to net zero levels by 2050.Australian ambassador to the US Kevin Rudd and Prime Minister Anthony Albanese in Washington on Monday.
Tensions have emerged, however, over mammoth US subsidies for renewable energy under the Inflation Reduction Act, prompting warnings from some business leaders about the damage to investment in AustraliaTreasurer Jim Chalmers and Energy Minister Chris Bowen unveiled a $2 billion fund for renewable fuel in the May budget, called the Hydrogen Headstart, but the specific subsidy is yet to be set for hydrogen produced from renewable energy such as wind and solar power.