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North American Transatlantic Resource Security Partnership Act of 2023
1/4/2024, 7:00 PM
Summary of Bill S 458
The bill outlines several key provisions, including the creation of a joint task force to assess and address potential threats to critical resources such as energy, minerals, and water. This task force would be responsible for developing strategies to ensure the reliable and sustainable access to these resources for all three partners.
Additionally, the bill calls for increased collaboration on research and development initiatives related to resource security, as well as the promotion of trade and investment in key sectors such as energy and technology. The goal is to strengthen the economic ties between the US, Canada, and the EU, while also enhancing their collective ability to respond to global challenges. Overall, the North American Transatlantic Resource Security Partnership Act of 2023 aims to foster greater cooperation and coordination among the US, Canada, and the EU in order to enhance resource security and promote economic growth. It is currently being reviewed by Congress and has garnered bipartisan support for its efforts to address critical issues related to resource access and sustainability.
Congressional Summary of S 458
North American Transatlantic Resource Security Partnership Act of 2023
This bill requires or authorizes actions to reduce the reliance of U.S. partners and allies on Russian energy and minerals.
The bill requires the Departments of Energy (DOE) and the Interior to establish a program to reduce such reliance by specified allied and partner nations (including Japan, Korea, Ukraine, and NATO members). Under the program, the departments shall develop and provide to such nations domestic resources, materials, or equipment, along with financial and technical assistance.
The departments must also establish a program to promote cooperation with Mexico and Canada on energy issues. DOE must seek to establish an energy center with these countries to develop academic cooperation on energy-related topics, such as energy innovation technology and engineering.
These departments must also establish a supply chain reliability assurance program to (1) prioritize domestic activities, such as energy production and mining, that ensure secure supply chains; and (2) facilitate collaboration with Mexico, Canada, industry, and other federal agencies to develop a reliable domestic supplier base of critical energy materials and technologies (for example, those related to high-performance computing, energy storage, and nuclear energy).
The bill requires the Export-Import Bank to establish a portfolio to provide financing to certain energy infrastructure and critical minerals projects.
The bill also statutorily authorizes the U.S. International Development Finance Corporation to provide financing and other types of support for projects related to any type of energy (including fossil fuels, renewables, and nuclear energy). The corporation may not prohibit support for a project due to the type of energy involved.
