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Germany and Australia on Friday signed a multi-million dollar agreement to deepen cooperation in developing new green hydrogen supply chains.
The deal, worth A$660 million (US$445 million), is funded equally by both governments and aims to ensure European buyers for Australia’s renewable hydrogen producers.
The agreement was signed by Australian Minister for Climate and Energy, Chris Bowen, and German State Secretary for Economic Affairs and Climate Action, Anja Hajduk, in Brisbane.
“Renewable hydrogen is essential to Australia’s prosperity in the 21st century,” Bowen said. “The world needs it, and we can produce it and ship it to our partners or use it to produce green products, chemicals and fuels, for export to the world.”
Green hydrogen is produced by electrolysis of water using electricity generated from renewable energy sources such as solar and wind power. The German government sees it as one of the main energy sources of the future.
