Queensland has started the process of creating a green energy corridor in the state’s north after agreeing to a trade agreement for the export of hydrogen with three of the biggest corporations in Korea.
The government is attempting to expand its economic relationship with the state through an MOU with a hydrogen consortium made up of Queensland-based Ark Energy, Korea Zinc, SK Gas, and Hanwha Impact.
In order to transport more than 1 million tonnes of green ammonia from north Queensland to Korea by 2032, the Han-Ho Hydrogen Consortium will build a supply network.
By 2030, the entire amount of ammonia consumed in Korea is expected to surpass 21 million tonnes, according to the Korea Institute of Economic Energy Research.
Given its $18.5 billion in exports to the nation of north-east Asia during the most recent fiscal year, Queensland is already Australia’s top state and territory exporter to the region.
Coal and liquefied natural gas made up over 77% of those exports.
According to Daniel Kim, CEO of Ark Energy, given Korea’s pledge to achieve net zero by 2050, employment is now in jeopardy, making the MOU inked crucial.
He stated that the consortium’s “common objective is to shift the bilateral relationship between Australia and Korea from one that has been supported by resources and fossil fuels to one that has been supported by renewable energy and green hydrogen.”
“We are all committed to establishing this new corridor for green growth between Australia and Korea. We wish to hasten the energy transitions of our clients and keep fostering prosperity in the local areas where we do business.
The construction of Ark Energy’s Collinsville green energy hub is in the center of the green energy corridor.
Twelve landowners have already agreed to participate in the area south of Townsville, which has the capacity to produce up to 3,000 megawatts of electricity.
It is anticipated that it would grow to be one of Australia’s largest precincts, bigger than Fraser Island.
The news, according to Premier Annastacia Palaszczuk, is a step closer to the state becoming a hydrogen powerhouse.
In order to further the development of our green hydrogen sector and green energy exports to Korea, she stated, “We welcome this significant new Consortium to Queensland.”
Large renewable precincts will undoubtedly grow in rural Queensland over the next ten years, that much is certain.