In its submission to the federal budget, BHP warns other countries are “quickly moving to attract the capital needed to take advantage” of critical minerals demand.
BHP says Australia should be playing a larger role in low-emissions technologies, urging the Albanese government to put in place measures to attract financing and expand local refining and manufacturing in the sector.
In comments last week, Macquarie chief executive Shemara Wikramanayake similarly warned the government that it needed to make green energy projects “economic and competitive”, describing the IRA – which provides significant subsidies for clean hydrogen production and other emissions-reductions measures – as a game changer.“Australia has to decide – does it want to compete and be a fast follower once the US potentially cracks the code on hydrogen being cost competitive,” she said.
“We probably would have been moving in that direction anyway, but certainly the IRA has made it far more potentially appealing for us,” said the company’s managing director, Ron Mitchell. The opportunity for Australian miners will only rise in coming years, according to an analysis of the IRA by DLA Piper. The threshold for battery minerals to be sourced from countries aligned with the US is expected to rise to 50 per cent in 2024, 60 per cent in 2025, 70 per cent in 2026, and 80 per cent after 2026, the law firm’s research concluded.
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