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Prime Minister Anthony Albanese is currently in the US to announce a $4 billion plan aimed at expanding the production of critical minerals.

At a press conference held at the Embassy of Australia in Washington DC, Albanese said both countries could support each other when it comes to emissions reduction.

“I signed a compact with (US) President (Joe) Biden in Hiroshima just a few months ago on the sidelines of the G7 and the Quad meeting that we held there,” Albanese said.

“That agreement recognises the capacity of Australia and the United States working together, including through getting access to some of the mechanisms that are there with the Inflation Reduction Act, will actually assist the objective of that Act, which is a reduction in emissions, a growth in new industries, growth in manufacturing here.”

Albanese said Australia is in a strong position to help the global shift to net-zero due to its large supply of lithium, cobalt, vanadium, copper and nickel.

“The minerals that will power the globe in the 21st century are things that Australia has significant amounts of,” Albanese said.

It is expected that Albanese will make further announcements regarding the $4 billion plan to unlock more resources to supply critical minerals.

Federal Resources Minister Madeleine King is also in the US and will meet with US Commerce Secretary Gina Raimondo to discuss the financing.