The government of Australia and the European Investment Bank (EIB) have agreed to deepen their cooperation on critical raw materials, as part of efforts from the European Union to ensure sustainable and resilient supply chains.
The declaration of intent from the EIB is the first step towards allowing the bank to support the financing of critical minerals projects in Australia, according to a joint statement.
It is expected to boost existing partnerships between Australia and the EU, from exploration and extraction to processing, recycling and innovation.
EIB Global, EIB’s development arm, is now taking steps to advance the partnership through targeted investment and advisory support.
EU Vice-President Nicola Beer said: “Teaming up with Australia will provide the type of win-win partnership we are eager to build: a partnership with a like-minded actor – one that engages communities, values transparency and ensures community trust in critical raw materials initiatives.
“Australia’s strong track record in environmental responsibility and sustainable mining aligns with the EIB’s commitment to innovation and green investments.
“In this way, we strengthen Australia’s and Europe’s strategic autonomy.”
Australian Ambassador to the European Union Angus Campbell said: “Australia is a trusted supplier of critical minerals, and this partnership with the EU reinforces our shared commitment to sustainable development and secure supply chains.”
The EIB is a key provider of finance and advisory in the critical raw materials sector.
In March, the bank approved a new critical raw materials strategic initiative, which establishes a higher level of ambition for financing and investment across the critical raw materials value chain through a dedicated taskforce to support project development.
