4 October 2024 02:35 pm Views - 105
ASPI’s report also notes the emergence of India as a global player in research and innovation. India now ranks in the top five for 45 out of 64 technologies (an increase from 37 last year), further solidifying its position as a major science and technology hub.
Meanwhile, the UK’s standing declined, with the nation dropping out of the top five in eight technologies over the past year. The US, which led in 60 of these technologies during the same period, now maintains leadership in just seven.
The findings highlight a significant shift in research influence towards large Indo-Pacific economies, especially China and India, which has made substantial strides in sectors like quantum sensors, high-performance computing, space launch, and semiconductor manufacturing.
Last year, India and Australia reached a significant milestone in their efforts to collaborate on critical minerals projects, aiming to develop robust supply chains between the two nations.
The two governments committed to enhancing their cooperation under the Australia-India Critical Minerals Investment Partnership, marking a vital step forward in securing the future of critical minerals for both nations.
Australia and India announced that five target projects have been identified—two lithium and three cobalt—on which detailed due diligence will be conducted.
This partnership is geared towards bolstering critical mineral supply chains, with Australia supplying key processed minerals that will support India’s transition towards a low-emission energy network and help fulfil its ambition to become a global manufacturing hub, especially for electric vehicles (EVs).
Australia, with its significant reserves of lithium, cobalt, and rare earths, stands at the forefront of the global supply chain for critical minerals. The demand for these resources will only rise in the coming decades, driven by the increasing need for low-emission technologies.
The collaboration between India and Australia is not only a strategic move to secure the minerals essential for green energy, but also a critical step towards diversifying global markets for clean technologies and reducing carbon emissions.
As ASPI report underscores, besides India and the UK, Germany is in the top five in 27 technologies, South Korea in 24, Italy in 15, Iran in 8, Japan also in 8 and Australia in 7. Of particular concern is China’s leadership in 24 technologies that are now classified as ‘high risk’ for future monopolies, including radar, drones, and advanced aircraft engines.
With China and the United States fighting for dominance in technology and supply chains, Australia and India’s collaboration stands as a crucial response to this competitive environment.
By combining their strengths, the two countries are poised to create a supply chain model that not only meets domestic needs but also contributes to global energy security.
India’s “Critical Minerals Mission,” announced in its 23 July budget, aims to strengthen cooperation with Australia, a key resource supplier. With India’s significant investment in Australian resources and demand for critical minerals, this initiative seeks to enhance collaboration and address potential supply chain bottlenecks.
Additionally, the establishment and funding of hubs like Monash University’s Australia-India Critical Minerals Research Hub will promote collaborative research between Indian and Australian researchers and industry leaders.
These hubs will focus on key areas such as mineral exploration, extraction, processing, and recycling, strengthening ties and advancing critical mineral research.
Looking ahead, this partnership has the potential to evolve into a cornerstone of India and Australia’s broader strategic relationship. As India emerges as a key centre of global research and innovation, particularly in technology, its collaboration with Australia in critical minerals could unlock vast opportunities for both nations.
By integrating supply chains, fostering innovation, and aligning policy goals, India and Australia can build a future-proof partnership that strengthens their economies, secures their energy transitions, and positions them as global leaders in clean energy solutions.
Further, by fostering joint ventures, incentivising innovation, and promoting sustainable practices, the India-Australia Critical Minerals Investment Partnership can become a model for international cooperation in securing the future of energy and technology.(The Australia Today)