Germany, Australia sign USD 445 million green hydrogen deal

Admin I Friday, September 13, 2024

 

BERLIN – Australia and Germany on Friday signed a multi-million dollar deal to deepen cooperation on new green hydrogen supply chains. Equally funded by the governments of both countries, the deal, worth $660 million Australian ($445 million US), will guarantee European buyers for Australia’s renewable hydrogen producers.

Australian Minister for Climate and Energy Chris Bowen and German State Secretary for Economic Affairs and Climate Action Anja Hajduk signed the deal in Brisbane.

Renewable hydrogen was key to Australia’s 21st century export prosperity, Bowen said.

“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 to export to the world,” he said.

“A strong international hydrogen market supports our shared industrial decarbonisation and supports energy security in both Australia and Germany. We’re fortunate to be able to collaborate so closely with like-minded partners on this historic initiative.”

Green hydrogen is produced with the help of wind or solar energy, and the German government regards it as one of the main energy sources of the future.

German Economy Minister Robert Habeck said the two countries led the way towards a future-proof industry and society.

“The energy transition as a main pillar of climate action coupled with international cooperation enables us to get to fast, secure and affordable solutions for the challenge of climate change,” he said.

“This partnership is not just a declaration; it’s a pathway to tangible action that strengthens our economies and supports the global transition to net zero.”