Next steps on U.S.-Australia critical minerals collaboration

U.S. Secretary of Commerce Gina Raimondo and Australia’s Minister for Trade, Tourism, and Investment Dan Tehan met today in Singapore during the Bloomberg New Economy Forum. They discussed a range of topics, including promoting the green economy and next steps on building resilient supply chains in the Indo-Pacific. In particular they discussed the crucial role that critical minerals play in driving the clean energy transition, highlighting the importance of cooperation between partners and allies to build resilient supply chains while upholding strong labor and environmental standards. U.S-Australia critical minerals cooperation is a practical demonstration of our shared ambition to work together to speed the adoption of low carbon, green technology that benefits the real economy and workforce.

Secretary Raimondo and Minister Tehan issued the following statement:

“Today, we reaffirm our commitment to collaboration on supply chains. We appreciate the investments made by Australian firms in the United States, especially with respect to those ventures supplying rare earth materials necessary for electric vehicles and the broader transition to a green economy that creates jobs for our people. We look forward to continued cooperation between our nations in 2022.”

“Our teams discussed upcoming activities including:

Continuing the work of the U.S.-Australia Critical Minerals Working Group;

Cooperating on the establishment of new Environmental, Social, and Governance (ESG) and traceability standards to ensure responsible sourcing of critical minerals;

Exploring opportunities to finance projects throughout the critical minerals value chain, drawing from Australia’s new Critical Mineral Facility as well as relevant USG financing mechanisms;

Engaging with extractive, processing, and end-user firms, such as producers of batteries and rare earth element magnets, in both countries; and

Explore opportunities to advance cooperation on the green economy in the region.”