SYDNEY, Nov 15 — Any move by the Trump administration to change United States (US) 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 US policy. We will wait and see what occurs," Albanese told the press in Peru, where he is attending the Asia-Pacific Economic Cooperation (APEC) summit.
He added that Australia sees climate action as a great economic opportunity.
"The Inflation Reduction Act, for example, has seen considerable capital flow to the United States. If those incentives are not there, then that has implications for the nature of the global economy," Albanese said.
Nonetheless, he said that Australia is not pre-empting changes.
"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," Albanese said.
Albanese met with Indonesia's President Prabowo Subianto on Thursday and told the press the impact of a Trump presidency on the world was "part of the backdrop of APEC", and was being discussed by leaders.
He said that his phone call with Trump last week was "very constructive".
— Reuters
