Breaking News
0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Germany, Australia sign hydrogen accord to boost lower-emissions technology

Stock MarketsJun 14, 2021 01:15
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© 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/SYDNEY (Reuters) - Germany and Australia on Sunday signed a bilateral alliance on hydrogen production and trade to try to facilitate a renewable energy-based hydrogen supply chain between the two 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 Australian Energy and Emissions Reduction Minister Angus Taylor, the German Economy Ministry said in a statement.

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."

In a statement, Australian Prime Minister Scott Morrison said international collaboration was key to getting new energy technologies like hydrogen to commercial parity.

"Our ambition is to produce the cheapest clean hydrogen in the world, which will transform transport, mining, resources and manufacturing at home and overseas," Morrison said.

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 ($10.9 billion) 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.

Australia also said it was joining hands with Japan to support initiatives that would help drive their respective economies' transition to net-zero emissions.

Australia, the biggest per-capita emitter among the world's richest nations, has so far refused to match commitments by the United States, the UK and other countries targeting net zero by 2050, or increase its emissions reduction target for 2030.

($1 = 0.8260 euros)

($1 = 0.8262 euros)

Germany, Australia sign hydrogen accord to boost lower-emissions technology
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
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.
Continue with Google
or
Sign up with Email