It is fantastic to be here at the Australia Pavilion at the Osaka Expo during Global New Energy Week and to welcome you all to tonight's event.
The Expo itself is incredible and the Australia Pavilion, I think, is an absolute stand out. We have flat white coffees, Four and Twenty Pies and - of course our greatest export – Bluey. The Pavilion showcases modern Australia to Japan and to the world.
Of course, this has included showcasing the strength, skill and energy of Australia's economy and businesses amidst global economic uncertainty. This strength is driven by our ambitious private sector, our cutting-edge universities, our technological innovation, and strategic government policies like the Future Made in Australia agenda. A big part of this agenda is capitalising on the immense potential of Australia's critical minerals and rare earths sector and how we might realise these opportunities with trusted partners like Japan.
In line with the Australia Pavilion's theme of'chasing the sun', we are dreaming big to maximise our critical minerals' potential.
This is particularly relevant in the week following our Prime Minister announcing Australia's 2035 climate targets under the Paris Agreement of 62-70 per cent – a clear pathway to net-zero that will demand ambition, innovation and partnership. Especially with our friends here in Japan.
The shift to cleaner, cheaper energy sources is the biggest economic transformation since the industrial revolution – and with this transformation, comes economic opportunity.
Critical minerals are at the heart of this transformation. Whether it is lithium, rare earths, cobalt or nickel, which we have in abundance in Australia – these are the enablers of the clean energy technologies that will power our shared future together. They are the batteries in our electric vehicles, the magnets in our wind turbines and the storage that underpins our renewable energy. The are also, importantly, key inputs into the defence industry.
We have set ambitious goals to establish new and resilient supply chains and to both create and leverage these economic opportunities.
Many of these opportunities lie in Northern Australia.
Regions across the Northern Territory, Queensland and Western Australia have vast deposits of critical minerals which lie untapped. From rare earths to zircon and titanium, Northern Australia holds the keys to a renewable energy future and economic resilience. I'm a proud Queenslander. I live in Northern Australia in Cairns, and my community is excited for this next chapter in the story of Australia's resources sector.
Australia's resources sector might not exist if not for Japanese investment. Japanese investment helped build Australia's iron ore industry. It helped grow our coal and LNG industries. Together, we shared in the benefits of Australia's bountiful geological endowment.
So just like with iron ore and gas and coal, we hope Japan will join Australia in building a new critical minerals and rare earths industry for the shared benefit of our planet and our security.
Australia has everything that a world economy moving to clean energy needs. The Australian Government has already allocated $5 billion to our Critical Minerals Facility and the Critical Minerals Strategic Reserve. We see the enormous potential and benefits of creating new, secure and resilient supply chains with key partners like Japan.
As a trading nation, international partners have always been a key part of our economic story and success. As complementary economies with a deep and trusting relationship, we welcome further investment and cooperation with Japan to advance our shared commercial, strategic and climate objectives.
I want to encourage you all to think deeply about the tungsten and vanadium deposits in Queensland, the rare earths in the Northern Territory and the manganese, lithium and nickel in Western Australia, to name a few.
Japan and Australia are facing global challenges together. We are in business together and our economic future lies in the same region. We want you with us on the next part of the Australian economic success story.
As Australia raises its climate ambition, we see critical minerals not only as a trade opportunity but as a pillar of regional resilience.
I see Australia's future in this region as one characterised by transparency, by security, by sustainability; where we have reduced vulnerabilities, created jobs and strengthened the bonds between our two great countries.
And I know our keynote speaker, Department of Foreign Affairs and Trade Deputy Secretary George Mina, will share further ideas about how to get to that future.
It makes sense to drive our economies' energy transition together with Australian critical minerals.
Thank you.