On May 20, 2023, the President of the United States and the Prime Minister of Australia signed the Australia – United States Climate, Critical Minerals and Clean Energy Transformation Compact. The Compact creates a framework for further cooperation between the United States and Australia in critical minerals and clean energy. A crucial commitment in the Compact is President Biden’s plan to request that the U.S. Congress designate Australia as a “domestic source” under the U.S. Defense Production Act of 1950, which would remove barriers for U.S. investment in Australian sources of minerals on the U.S. critical minerals list and could provide access to Australian suppliers of critical minerals to U.S. loan and guarantee programs, as well as other U.S. incentives. Other objectives of the Compact will be progressed by a newly formed bilateral forum and taskforce.
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