Australia signs hydrogen deal with GermanyChristian Fernsby ▼ | September 12, 2020
Australia has signed a landmark deal with Germany to explore the potential for future hydrogen exports.
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Topics: Australia Germany
The deal is a major boost for Australia's hydrogen industry, which experts say could be worth between 11 and 26 billion Australian dollars (about 8 to 19 U.S. dollars) per year by 2050.
Minister for Trade, Tourism and Investment Simon Birmingham said the partnership was "critical" to developing "Australia's future as a powerhouse in clean energy exports."
"Exploring opportunities for future collaboration on commercial-scale operations and investments in hydrogen production is vital if Australia is to realize the significant economic benefits and job creation opportunities hydrogen brings," he said in a statement.
"This study gets the ball rolling on the development of future hydrogen supply chain with Germany which could lead to billions of dollars in export earnings for Australia and help them meet their future clean energy ambitions."
Germany has committed to becoming carbon neutral by 2050 and is aiming to reduce its emissions by 55 percent by 2030.
"This agreement will open up another new market for our resources and potentially create thousands of new job opportunities for Australians well into the future," Minister for Resources Keith Pitt said on Thursday.
"Clean hydrogen is a transformational fuel that can be used to power vehicles, generate heat and electricity, and as a chemical feedstock in major industrial applications." ■