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POLITICO Energy
A federal backstop for US critical minerals projects may be on the way
Sep 4, 2024
James Bikales, an energy and environmental policy journalist, joins climate engagement director Camila Thorndike to discuss the Biden administration's potential federal funding for U.S. critical minerals projects. They explore how this could counter China's market dominance and address the challenges facing domestic projects, particularly in financing. The conversation also highlights the political implications, stressing the need for bipartisan support and congressional approval to enhance the U.S. green supply chain.
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Quick takeaways
- The Biden administration's potential federal backstop for critical minerals aims to counteract Chinese market dominance and support domestic projects.
- Despite skepticism from some industry leaders, bipartisan interest indicates growing congressional support for enhanced U.S. mineral independence and investment stability.
Deep dives
Federal Support for Critical Minerals
The Biden administration is considering offering federal financial support for U.S. critical minerals projects to counteract the dominance of Chinese supply. Current federal assistance has mainly focused on capital costs, leaving many projects struggling to secure financing. For instance, after receiving federal grants, a third of the 21 selected projects from the Energy Department failed to advance, primarily due to crashing prices of battery minerals linked to Chinese oversupply. The proposed price support would function as a safety net, encouraging investment and securing purchase agreements by establishing a price floor and covering any shortfall.
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