Australia eyes US climate policy shift for green energy boost
By Kirsty Needham
SYDNEY, Nov 15 (Reuters) -Any move by the Trump administration to change U.S. climate policy could benefit Australia's ambitions to attract greater investment to its critical minerals and green energy industry, Prime Minister Anthony Albanese said on Friday.
Australia has rich deposits of copper, vanadium, cobalt and lithium used in electric vehicle batteries. It is competing for global investment to build its clean energy sector, including critical minerals processing.
Trump has promised to rescind President Joe Biden's landmark climate legislation, the Inflation Reduction Act, which provides billions of dollars in subsidies for clean energy.
"There are potential benefits if there are changes in U.S. policy. We'll wait and see what occurs," Albanese told reporters in Peru, where he is attending the APEC summit.
Australia sees climate action as a great economic opportunity, he said.
"The Inflation Reduction Act, for example, has seen considerable capital flow to the United States. If those incentives aren't there, then that has implications for the nature of the global economy," he said.
Australia was not pre-empting changes, he added.
"We have all of the resources under the ground that will drive the global economy in the 21st century. Copper, vanadium, cobalt, lithium, etc. We have a great opportunity to produce green hydrogen through use of the renewables," he said.
Albanese met with Indonesia's President Prabowo Subianto on Thursday, and told reporters the impact of a Trump presidency on the world was "part of the backdrop of APEC", and was being discussed by leaders.
Albanese added his phone call with Trump last week was "very constructive".
Reporting by Kirsty Needham in Sydney; Editing by Christopher Cushing
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
