The Federal Government has announced that Australia and the EU have agreed to a partnership that aims to strengthen critical mineral supply.
A Memorandum of Understanding was signed by Federal Minister for Trade and Tourism, Senator Don Farrell, Federal Minister for Resources and Northern Australia, Madeleine King, EU Executive Vice President and Commissioner for Trade, Valdis Dombrovskis and EU Commissioner for the Internal Market, Thierry Breton.
The partnership is expected to provide a platform for deeper links between Australia and EU critical and strategic materials supply chains, greater science, technology and innovation collaboration and the development of environmental, social and governance (ESG) standards.
The partnership follows the recent implementation of the EU’s new Critical Raw Materials Act, which is expected to create new opportunities for the Australian mining and manufacturing sectors, as well as the essential workers in these industries.
Mr Farrell said, “Australia has some of the largest deposits of critical minerals on earth – minerals that are necessary parts of everything from electric vehicles to wind turbines.
“Our partnership will encourage investment from the EU into Australian renewable energy projects, including the local manufacturing industry boosted by the Federal Government’s $22.7 billion Future Made in Australia package.
“Investment from our international partners is vital to achieving Australia’s full potential as a renewable energy superpower – and helps create more secure well-paid jobs for Australians.”
Federal Minister for Resources, Madeleine King, said, “Australia’s Critical Minerals Strategy and the Future Made in Australia ambition aims to establish Australia as a clean energy superpower by 2030.
“Australia has the critical minerals, well established global supply chains and high environmental and social governance standards that support the development of our critical minerals sector.
“Those advantages will be crucial to help develop and grow the low-emissions technologies that will help the world to lower emissions and to help Australia and our export partners achieve our climate commitments.
“The clean energy transition will ride on the back of Australia’s critical minerals.”
Image credit: Novikov Aleksey/Shutterstock.com.
