Lawmakers heard testimony from industry groups that warned Canada will steadily lose investment to the US on everything from steel production to mine development if it doesn’t keep pace with its neighbor.
The joint venture between China’s Tianqi and Australian miner IGO in May produced the nation’s first battery-grade lithium hydroxide at its refinery near Perth.
Mexico is looking to build five large solar plants, to help remodel car factories for electric vehicles and produce batteries and semiconductors in the state of Sonora.
Transforming the metals and mining, building materials, and plastics industries to make them compatible with sustainability targets will require increasing annual spending from $5.7 trillion to $9.2 trillion.
The allocation of $500 million each to the coal-dependent countries will come in the form of “concessional,” or low cost, finance, the World Bank-affiliated fund said in a statement.