The Australian and German governments have deepened their collaboration with the launch of the $443 million (A$660 million) H2Global funding initiative, designed to secure European buyers for Australia’s renewable hydrogen producers. This green hydrogen deal likely to have good outcome.
According to the Department of Climate Change, Energy, the Environment and Water, the joint declaration to negotiate this multimillion-dollar agreement, co-funded by both nations, will be integrated into Germany’s H2Global auction framework.
This agreement coincides with the countries’ decision to elevate their existing Energy Partnership to an Energy and Climate Partnership, focusing on joint efforts in climate action, energy efficiency, the transition to net zero, and energy security, as well as enhancing collaboration in renewable hydrogen trade.
Chris Bowen, Australia’s Minister for Climate Change and Energy, stated, “Through negotiations under the H2Global mechanism and our expanded partnership with Germany, we can capitalize on hydrogen opportunities and help Australia realize its potential as a renewable energy powerhouse.”
German Vice Chancellor and Minister for Economic Affairs and Climate Action Robert Habeck added, “We believe the Energy and Climate Partnership will create many opportunities for productive private collaborations. We are also confident that joint hydrogen auctions under H2Global will stimulate the market and provide the essential price signals we need.”
Recently, Australia unveiled its 2024 National Hydrogen Strategy, outlining its approach to hydrogen production, utilization, and export as it seeks to become a leader in the industry.
