The U.S. government is expected to approve the $10 billion, 20-year deal between U.K.-based Metallurgical Ltd.
and a Chinese company in the coming weeks, according to a person familiar with the matter.
The proposed agreement could pave the way for the U.N. General Assembly to approve a global agreement on metals in 2019 that would impose sanctions on those who use them in processing or refining, the person said.
The company said in a statement on Monday that the agreement is a long-term project that will lead to “the transformation of the metals industry and help the United States become the world leader in the production of low-cost metals.”
A spokeswoman for the company declined to comment on the timing of the agreement.
The new agreement will help the U!
to remain “a leader in low-carbon manufacturing and innovation,” said the company’s president, Mark Stedman.
K.-China agreement follows similar deals between the U., the U.-K.
and other Asian countries that seek to reduce the impact of metals and other metals products on the environment and the economy.
Earlier this year, the U-K.
also signed a $5 billion deal with China to cut emissions and improve energy efficiency.
Metal producers in the U..
K. are also looking to expand their supply chains, and the industry is expected grow further in the years ahead.
U.Q.E., a British environmental group, called the deal a “game changer” and said it will boost the “clean energy economy.”
But some environmental groups have questioned whether the new agreement with China is good for the environment.
The agreement comes as China continues to struggle with an environmental crisis caused by pollution from the country’s coal-fired power plants.
The country has also been hit by the spread of deadly coronavirus and a wave of deadly air pollution that has raised concerns about health and the environment as a whole.
U-Q.A.S., a nonprofit that advocates for environmental justice and promotes sustainable development in the United Kingdom, said the agreement has the potential to “change how we approach and interact with the environment, particularly in the manufacturing sector.”
and the Chinese agreed in 2013 to a framework agreement that would allow the two countries to jointly explore the feasibility of a global market for the manufacture of low carbon products.
The United States and China have already been working on a deal, which the U S. has said could be announced in the spring, that would open the door to a global standard on the production and use of metals.
The White House has repeatedly said that its aim is to have a global emissions trading system by 2030.
A proposal to develop such a system has met fierce opposition from environmental groups, the business community and others who say it would have an unfair advantage for the Chinese because it would be more costly to use environmentally friendly metals than other metals.
“It’s a little bit like saying, ‘Let’s have a carbon tax and then we’ll have a trade surplus,'” said Robert O’Neill, director of policy studies at the Institute for Sustainable Business in Washington.