Memorandum of understanding signed for closer cooperation with the Australian government.
The European Investment Bank (EIB) and the Australian government signed a memorandum of understanding on Monday to strengthen their cooperation on critical raw materials. The aim is to facilitate EIB financing for relevant projects in Australia. The partnership builds on an existing raw materials agreement between the two parties, signed in May 2024 (we reported).
Resource-rich Australia aims to position itself as an alternative to China, the dominant global supplier, and is already a major producer of lithium, nickel, and rare earth elements. The EU, for its part, is seeking to diversify its supply chains, particularly in light of the bloc’s first-ever law on securing raw materials, the Critical Raw Materials Act. The act stipulates that by 2030, no more than 65 percent of the EU’s annual consumption of any critical raw material may come from a single non-EU country.
Australia is considered a reliable supplier of critical minerals, and its partnership with the EU underscores the shared commitment to sustainable development and secure supply chains, said Angus Campbell, Australia’s Ambassador to the European Union. He signed the memorandum together with EIB Vice-President Nicola Beer.
Photo: Adrian Wojcikm, art-illustrations-images