Australia and Germany Join Forces for Green Hydrogen Supply Chain Boost
Key Ideas
- Australia and Germany have signed a joint declaration to negotiate new green hydrogen supply chains, boosting the confidence in Australia's green hydrogen industry.
- The $660 million deal, equally funded by both governments, will ensure European buyers for Australia's renewable hydrogen products through the H2Global auction mechanism.
- The partnership includes cooperation on climate action, energy efficiency, net-zero transition, and renewable hydrogen trade, aiming to kick-start the market and provide price signals.
- Australian Energy Minister highlights the importance of renewable hydrogen for Australia's export prosperity and emphasizes the country's potential as a renewable energy superpower.
Australia's green hydrogen industry received a significant boost with a $660 million investment following a joint declaration with Germany. The deal aims to negotiate supply chains that secure European buyers for Australian renewable hydrogen products. This partnership, equally funded by both governments, will be part of the German government's H2Global auction mechanism. The collaboration extends to various energy-related aspects, including climate action, energy efficiency, net-zero transition, and energy security. German Vice Chancellor Robert Habeck highlighted the importance of the partnership, emphasizing the opportunities for private collaborations and the role of joint hydrogen auctions in providing price signals. Australian Energy Minister Chris Bowen underlined the crucial role of renewable hydrogen in Australia's export landscape and its potential to become a renewable energy superpower. The agreement signifies a step towards realizing Australia's renewable energy potential and enhancing its position as a trusted energy supplier on the global stage.