Germany and Australia on Friday signed a $445 million agreement to boost cooperation in new green hydrogen supply chains.
The German news agency “DPA” reported that the agreement is funded equally by the governments of both countries, and will ensure the presence of European buyers for renewable hydrogen producers in Australia.
Renewable hydrogen is essential to Australia’s prosperity in the 21st century, said Chris Bowen, Australia’s Minister for Climate and Energy.
“The world needs it, we can produce it, ship it to our partners, or use it to produce green products, chemicals and fuels in Australia for export to the world,” he added.
Green hydrogen is produced by electrolysis of water using electricity generated by renewable energies such as solar and wind energy, and the German government considers it one of the main sources of energy in the future.
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