(Bloomberg) — President Joe Biden’s signature climate policy is helping drive a “golden age of mineral exploration” in Australia, as the US rushes to catch up with China on clean energy technologies, the Australian trade minister said.
Deals between Australian miners and US carmakers had already spurred increased investment in exploration and refining of battery metals, and the Inflation Reduction Act is accelerating that, Trade Minister Don Farrell said in an interview while visiting Detroit over the weekend.
The IRA pledges almost $400 billion in incentives and tax credits on clean technologies from electric vehicles to hydrogen manufacturing. Credits on EVs are only granted if a large portion of the minerals they use are extracted or processed either in the US or a country with a US free trade agreement. “That’s Australia,” said Farrell.
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