LAS VEGAS, Aug. 14 (Reuters) – U.S. Treasury Secretary Janet Yellen said the U.S. is wary of the risks posed by over-concentration in a handful of countries, while promoting a resilient, diversified clean energy portfolio to protect its economic security. said it is working to build a supply chain for She said in her remarks prepared for an event in Las Vegas on Monday.
Yellen will touch on the challenges of moving away from fossil fuels in a big speech after touring a union facility where workers are learning skills to work on clean energy projects.
Yellen’s speech comes just days before the first anniversary of the Inflationary Relief Act (IRA), which includes $500 billion in new spending and tax cuts to expand clean energy, reduce health care costs and increase tax revenues. Ta.
While praising the continued resilience of the U.S. economy, Yellen said that major legislation like the IRA would help rebuild the U.S. manufacturing base and “reduce challenges, ease disruptions, and protect economic security.” I’m going to emphasize its importance.
“As we move away from fossil fuels, we remain concerned about the risk of over-concentration in clean energy supply chains,” he said in an excerpt of his speech obtained by Reuters. “Vital clean energy production, from batteries to solar panels to vital minerals, is now concentrated in a few countries.”
An International Energy Agency report earlier this year noted that China holds at least 60% of the world’s manufacturing capacity for most mass-produced technologies, such as solar and wind power systems, and 40% of electrolyser manufacturing. did.
Key minerals required for these industries are also highly concentrated, he said, with the Democratic Republic of the Congo supplying 70% of the cobalt, China 60% of the rare earth elements and Indonesia 40% of the nickel. Australia accounts for 55% of lithium mining, while Chile accounts for 25%, the report said.
Yellen said the United States is investing domestically to build more resilient and diverse supply chains while helping other countries accelerate their own energy transitions.
“IRAs are helping to re-land some of the production that is vital to our clean energy economy,” she said. “This accelerated transition could mean an increase in demand for U.S. clean energy technologies produced by U.S. workers. It could also strengthen the global clean energy supply chain. “
Yellen will speak at a training center run by the International Brotherhood of Electric Workers (IBEW) union.
The remarks in Nevada, likely to be a key battleground state in the 2024 presidential election, are part of a month-long trip by President Joe Biden and his cabinet to challenge skeptical Americans to understand their policies. are trying to persuade that they are effective in boosting economic growth. And fight global warming.
The U.S. economy has outperformed recession warnings with record-low unemployment, big wage gains, and better-than-expected GDP growth, but many voters who supported Biden in 2020 believe economic conditions are worsening. He believes he is, and thinks he may not vote for Biden in the 2024 election. That’s according to a Reuters/Ipsos poll released last week.
Reported by Andrea Charal.Editing: Diane Kraft
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