TheAustralian Government has agreed to further invest A$2bn ($1.27bn) incritical minerals to support the transition towards net zero and boostthe economy.

Critical minerals such as rare earths are now at the centre stage towards a clean energy future.

Withthe additional funding, the government’s investment in the ExportFinance Australia-managed Critical Minerals Facility has now increasedto A$6bn.

Throughthis commitment, the capacity of the Critical Minerals Facility can nowdouble Australia’s capability to finance critical minerals mining andprocessing.

TheCritical Minerals Facility is a funding support for mining projectsthat are aligned towards Australia’s Critical Minerals Strategy2023-2030.

AustralianPrime Minister Anthony Albanese and Resources Minister Madeleine Kingannounced the additional investment after the inaugural meeting of theAustralia-United States Taskforce on Critical Minerals.

This task force is expected to play an important part role in building an alliance between the US and Australia.

Itwill help in creating a sustainable supply chain for critical minerals,vital for the manufacturing sectors of both countries.

Australiais positioned for responsibly sourcing and processing criticalminerals. By working with international partners, it aims to facilitatethe decarbonisation of its economy.

Thiscooperation between the US and Australia on critical minerals iscentral to the Climate, Critical Minerals and Clean EnergyTransformation Compact.

TheCompact is a framework that intends to coordinate policies andinvestments to support the expansion of clean energy and criticalminerals supply chains, expedite market developments and address thegrowing energy demands in the Indo-Pacific region.

Albanesesaid: “My government is committed to transforming Australia into arenewable energy superpower and harnessing the critical minerals we haveat home is crucial to achieving this.

“Australians will benefit through this investment in critical minerals, through technology, skills, jobs and economic gains.”

Albaneseadded: “Australia is committed to building sustainable and securecritical minerals supply chains with the United States. This is centralto building a clean energy future and delivering economic growth.

“Theexpansion of the Critical Minerals Facility will help to build supplychains with the United States and support our shared clean energy,manufacturing and defence ambitions.”