The U.S. Treasury Secretary will deliver a major speech in Las Vegas on Monday that will touch on the challenges of transitioning away from fossil fuels
The United States is working to build resilient, diversified clean energy supply chains to protect its economic security, while guarding against the risks posed by overconcentration in a handful of countries, U.S. Treasury Secretary Janet Yellen said in remarks prepared for an event in Las Vegas on Monday.
Yellen plans to laud the continuing resilience of the U.S. economy while underscoring the importance of key legislation like the IRA in helping to rebuild the U.S. manufacturing base and “reduce choke points, mitigate disruptions, and protect our economic security.” It said critical minerals needed for these industries were also highly concentrated, with the Democratic Republic of Congo supplying 70 per cent of cobalt, China 60 per cent of rare earth elements, and Indonesia 40 per cent of nickel. Australia accounts for 55 per cent of lithium mining and Chile for 25 per cent, it said.
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