Australia and South Korea will each commit A$50mn ($35mn) to a joint project to work on hydrogen and other low-carbon technologies, as well as critical minerals.

Australian and Korean firms have already signed a number of memorandums of understanding on developing a hydrogen supply chain, with Australia hoping to export the fuel to South Korea.

And the governments of the two countries have already agreed to collaborate on hydrogen technologies as part of a broader pact to develop low greenhouse gas emission technologies. But the new deal represents the first firm financial state commitments towards the collaboration.

“We look forward to collaborating on a range of new technologies, with initial focus on initiatives in clean hydrogen and other derivatives; low-emission iron ore and steel; and carbon capture and storage (CCS),” says Angus Taylor, Australia’s minister for industry, energy and emissions reductions.

The agreement follows talks between the two countries at the G20 summit in Rome and ahead of the UN Cop26 climate conference in Glasgow. It commits Australia and South Korea to advance technology and trade systems in the hydrogen, steel and CCS sectors.

“We look forward to collaborating on a range of new technologies” Taylor, Australian energy minister

The Australian government pledged A$566mn towards clean hydrogen earlier this year. And a number of state-funded hydrogen developments are already underway, including a green hydrogen project in Queensland. Australia’s Low Emissions Technology Statement—released in September 2020—aims to invest A$18bn in the next decade in five priority areas, including clean hydrogen.

South Korea announced its Hydrogen Economy Roadmap in January 2019. The government is planning to increase the annual domestic use of hydrogen from 220,000t/yr currently to 3.9mn t/yr by 2030 and 27mn t/yr by 2050.

Critical minerals

The deal between the two countries also includes a critical minerals partnership.

Australia—and particularly Western Australia—has significant reserves of the critical minerals that will be essential to future technologies, including iridium and platinum. The two nations will work together to develop these resources and export them to overseas markets.

“More and more countries are realising the untapped opportunities we have right here for critical minerals exports, and this partnership is not just about developing those but also helping secure those essential supply chains,” says Australian prime minister Scott Morrison.

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Author: Tom Young