Australia has a huge amount to gain from taking advantage of its natural abundance of critical minerals and positioning itself as a world leader in their production. But the federal government hasn’t yet landed on the right formula for providing support to ensure that as many of these projects get off the ground as possible.
Critical minerals, as defined by Geoscience Australia, are ‘metals and non-metals that are considered vital for the economic well-being of the world’s major and emerging economies, yet whose supply may be at risk due to geological scarcity, geopolitical issues, trade policy or other factors’.
Australia s export credit agency gave 80 times more to fossil fuel projects than renewables | Fossil fuels
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Pembroke Resources secures NAIF funding for Olive Downs Project
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Public money for Olive Downs coal mine is deeply irresponsible
In response to Resources Minister Keith Pitt’s announcement that the Morrison government will give $175 million from the Northern Australia Infrastructure Facility (NAIF) to support the Olive Downs coal project in Queensland’s Bowen Basin, the Australian Conservation Foundation’s Suzanne Harter said:
“While investors around the world are getting out of fossil fuels, and Australia’s banks are becoming increasingly unwilling to finance coal projects due to their clear climate risks, the Morrison government is using public money to support coal.
“It seems investment in Olive Downs would not hold up for other investors, yet the Minister and the NAIF board have decided it is an acceptable use of public money.