Australia and Germany in $660m hydrogen pact
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The news: The governments of Australia and Germany have entered into a bilateral energy cooperation deal to establish an auction system for hydrogen production credits.
The numbers: Under the Joint Declaration of Intent, each nation will commit €200 million ($330 million) to a joint H2Global auction, in which hydrogen producers will be able to receive subsidies for producing renewable hydrogen and derivatives including ammonia and methanol.
The context: The H2Global scheme is aimed at creating trade corridors between Australia and the EU for renewable hydrogen and derivative products. By subsidising production costs, the countries are aiming for Australia to export hydrogen products to the EU, and be able to import ammonia manufactured in the EU.
Australian Climate Change and Energy Minister Chris Bowen made the announcement as he unveiled the latest edition of the National Hydrogen Strategy alongside his German counterpart German State Secretary for Economic Affairs and Climate Action, Anja Hajduk, at the Asia Pacific Hydrogen Conference in Brisbane.
What they said: “This negotiation under the H2Global mechanism and the expanded partnership with Germany will allow us to work together to seize the opportunity in hydrogen, and help realise Australia’s renewable energy superpower potential," Bowen said.
Hajduk said: "Australia is a key partner for Germany in our shared pursuit of climate neutrality, advancing the energy transition, and driving the growth of the hydrogen industry".
The source: Chris Bowen press release
