US in ‘race to the top’ to solve energy supply chain vulnerabilities – Fernandez
CAPE TOWN – The US has three international energy priorities, and they also relate to Africa, says US State Department Undersecretary for Economic Growth, Energy and the Environment, José Fernandez.
Speaking at the Investing in African Mining Indaba 2022 on Tuesday, Fernandez said these priorities were integral to the US’s support for high standard economic growth and development around the world.
The first priority is to build a just and inclusive clean energy transition, leading to economic growth and prosperity.
The second is to develop robust, sustainable and transparent supply chains for critical minerals in support of the clean energy transition.
The third priority is to improve the financial and regulatory environment in this sector, and to promote transparent and accountable resource management.
The overall goal of these three priorities was to strengthen global capacity and support job creation, noted Fernandez.
“It’s about working with our allies and partners on building economic growth that is beneficial, sustainable and inclusive over the long term.”
Fernandez added that US President Joe Biden last year signed an executive order to strengthen US’s supply chains, including those in the minerals sector.
The aim is for the US to secure the minerals necessary to bolster its clean energy economy.
Fernandez said the US was aware that it could not solve its supply chain vulnerabilities on its own.
He said the US was committed to expanding the extraction and processing of minerals at home, adhering to the highest standards, while also “building the same structure with you here in Africa. We propose to do this in what we call a race to the top, in terms of environmental, social and governance standards.
“We will not engage in a race to the bottom,” emphasised Fernandez.
“To this end the Department of State is ramping up our foreign policy efforts to secure clean energy supply chains in mining, processing and recycling.”
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