The Australian government has signed an agreement with Germany to negotiate new agreements green hydrogen supply chains and assurance for European buyers for Australian renewable hydrogen producers.
The joint letter of intent to negotiate the AUD 660 million ($403.7 million) deal is also funded by both governments and will be part of the German government’s H2Global auction mechanism.
Non-profit organization H2Global uses a dual auction mechanism through its subsidiary and government-backed company Hydrogen Intermediary Network Company (Hint.co), which buys and sells green power-to-X (PtX) products, typically from early-stage developers to help grow the hydrogen economy.
Australia and Germany expanded their energy partnership to include climate action, energy efficiency, a net zero transition and energy security. This extensive cooperation also includes trading in renewable hydrogen.
German Vice Chancellor and Minister of Economic Affairs and Climate Robert Habeck said the energy and climate partnership and the declaration for bilateral H2Global auctions represent an important step forward.
“We are confident that the energy and climate partnership will provide numerous opportunities for fruitful private collaborations and we are confident that joint hydrogen auctions under H2Global will deliver this. get the market going and provide urgently needed price signals,” said Habeck.
Australian Energy Minister Chris Bowen said renewable hydrogen is key to Australia’s export prosperity in the 21st century.
“The world needs it. We can make it. And we can ship it to our partners or use it to make green products, chemicals and fuels in Australia and export them to the world. Australia has the sun and wind as a renewable energy superpower, and has a hard-won reputation as trusted energy supplier” said Bowen. “These negotiations under the H2Global mechanism and the extended partnership with Germany will enable us to work together to seize the hydrogen opportunity and help realize Australia’s renewable energy superpower potential.”
This content is copyrighted and may not be reused. If you would like to collaborate with us and reuse some of our content, please contact: editors@pv-magazine.com.
Popular content
