The chief executive of one of the world’s largest mining companies says it makes “no sense” for Western nations to introduce policies and incentives that encourage deglobalization as a way to tackle the influence of authoritarian regimes in the energy sector when the world is already struggling to meet its climate goals.
Mark Bristow, who heads Toronto-based Barrick Gold Corp., said the United States’ Inflation Reduction Act (IRA), which offers up to a US$7,500 subsidy to companies that produce their electric vehicles (EVs) and source the materials for them in North America, was a “bit of an oxymoron” and encourages “exclusivity” rather than looking at a global solution for the shift away from fossil fuels.
Canada introduced similar policies last year aimed at offsetting China’s dominance of the EV supply chain. Ottawa in November also ordered three Chinese companies to divest their stakes in three publicly traded Canadian lithium miners based on security concerns.
For the rest of this article: https://financialpost.com/commodities/mining/barrick-ceo-mark-bristow-deglobalization-tragic?_ga=2.27408184.585965768.1674612654-710032118.1674612654&_gl=1*1j2djiw*_ga*NzEwMDMyMTE4LjE2NzQ2MTI2NTQ.*_ga_9H6VPHFHKG*MTY3NDYxMjY1NC4xLjEuMTY3NDYxMjY3OC4zNi4wLjA.