Germany prepares to set up hydrogen accord with Australia By Reuters

Germany prepares to set up hydrogen accord with Australia By Reuters


© Reuters. FILE PHOTO: German Economy Minister Peter Altmaier addresses a news conference in Berlin, Germany, April 27, 2021. John Macdougall/Pool via REUTERS/File Photo

FRANKFURT (Reuters) – Germany on Sunday said it has taken steps towards a bilateral alliance on hydrogen production and trade with Australia to try and facilitate a renewable energy-based hydrogen supply chain between the countries.

Economy minister Peter Altmaier and education and research minister Anja Karliczek signed a letter of intent to set up a “Germany Australia Hydrogen Accord” with their Australian counterpart, Angus Taylor, the economy ministry said in a press release.

It said the cooperation was about enabling “the import of sustainably produced hydrogen in relevant volumes, which is an important factor to reach our tighter climate targets.”

Australia wants to develop a clean hydrogen and ammonia production chain to cut carbon, depart from fossil fuels and build up new export markets, Taylor said in an interview for Reuters events in May.

The two countries can take advantage of Australia’s limitless solar resources and employing German electrolysis technology, said Altmaier.

Karliczek said her ministry will fund a technology incubator called HyGate with 50 million euros ($60.53 million) over three years to test technologies from production through to storage and transport.

Big energy firms including German utility RWE and Uniper have started looking into possible new trade routes for hydrogen, a cleaner alternative to fossil fuels from Australia and other places.

Germany’s 9 billion euro hydrogen strategy launched last summer, which is embedded in wider European Union strategies, is based on the assumption that some 80% of its hydrogen requirements may have to be imported in the long term.

Germany has put out feelers to Saudi Arabia, Canada, Chile and Morocco for possible supplies.

($1 = 0.8260 euros)

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





Source link

Leave a comment

Send a Comment

Your email address will not be published. Required fields are marked *