South Korea is turning to Australia to produce vast quantities of hydrogen as it seeks to increase its clean energy output and reduce carbon emissions.
With a goal to become carbon neutral by 2050, South Korea has identified hydrogen as a key component of its energy transition plan, and Australia, with its abundant renewable energy resources, is seen as a promising partner in this endeavour.
Australia, with its vast renewable energy potential, is well-placed to become a major player in the global hydrogen market.
The country’s vast wind and solar resources make it an ideal location for the production of green hydrogen, which can be exported to countries like South Korea, where demand for clean energy is high.
To facilitate this partnership, the Australian government has launched a National Hydrogen Strategy, which aims to position the country as a major exporter of hydrogen by 2030.
The strategy includes a range of measures to support the development of a domestic hydrogen industry, including investment in research and development, infrastructure, and international partnerships.
One of the key initiatives of the National Hydrogen Strategy is the development of a hydrogen export hub in the Western Australian town of Geraldton. The hub will be used to produce and export green hydrogen to Asian markets, including South Korea, Japan, and China.
The Australian government is also working closely with industry stakeholders to support the development of a domestic hydrogen supply chain, from production to distribution and end-use.
The government has committed $370 million in funding to support the development of hydrogen infrastructure, including hydrogen refuelling stations, and is working to establish hydrogen supply chains for industrial users.
The potential impact of Australia’s hydrogen industry is significant, both in terms of economic growth and carbon emissions reduction. According to the Australian Renewable Energy Agency, the development of a domestic hydrogen industry could create 8,000 new jobs and generate $11 billion in annual revenue by 2050.
