To Work Together for Production of Clean Hydrogen
South Korea and Australia are planning to expand their cooperation in key mineral supply chains. In addition, they are going to work together in the field of clean hydrogen so that more of the clean future energy can be produced from Australia’s abundant renewable energy.
The heads of the two states recently met with each other and the outcome of the summit also includes collaboration for carbon neutrality and climate change response.
During the summit, the industry ministries of the two states signed their memoranda of understanding related to carbon neutrality and clean hydrogen. According to the memoranda, the Australian government will invest 50 million AUD for 10 years to come for carbon neutrality-related cooperation with South Korea and the South Korean government will invest a similar amount in that period.
In addition, from 2022 to 2024, the South Korean government will invest 54 billion won regarding cooperation with Australia in the fields of hydrogen supply chain, carbon capture, utilization and storage, and low-carbon steelmaking.