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- The United States and its allies must encourage mining projects in countries where Western corporations are reticent to do business to guarantee a reliable and sustainable global supply of the critical minerals needed to combat climate change, a senior White House official said on Monday.
President Joe Biden's landmark climate change law, the Inflation Reduction Act, created big subsidies for producers of minerals like lithium and copper that are needed in equipment like batteries and solar panels. "If you want to invest in, whether it's Chile, Peru, Ecuador, Mexico, Congo, Zambia, DRC, etc, Angola - these are different profile countries that have different kinds of risks associated with them. And Western finance has basically said we will not be able to absorb this risk," Hochstein said.
The capital could flow through U.S. agencies like the U.S. International Development Finance Corporation, Export-Import Bank of the United States and global institutions like the World Bank and International Monetary Fund.
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