Korea-Australia Agree to Contribute to Stable Energy Supply Amid COVID-19... Strengthening Hydrogen Cooperation

Sung Yun-mo, Minister of Trade, Industry and Energy / Photo by Moon Ho-nam munonam@

[Asia Economy Reporter Kim Bo-kyung] The governments of South Korea and Australia have pledged to contribute to stable energy supply amid the COVID-19 pandemic.

On the 2nd, Sung Yun-mo, Minister of Trade, Industry and Energy of South Korea, held a video conference with Keith Pitt, Minister for Resources, Water and Northern Australia of the Australian Department of Industry, Science, Energy and Resources. The two discussed the current global energy market situation caused by COVID-19 and bilateral energy cooperation measures.

Both sides promised that South Korea, a major consumer, and Australia, a major producer, will cooperate to ensure a stable energy supply in the highly uncertain global energy market due to COVID-19.

They also agreed to hold the 30th Korea-Australia Energy and Resources Cooperation Committee (at the director-general level) in South Korea in the second half of the year once the COVID-19 situation stabilizes.

Minister Sung urged, "As Australia is South Korea's second-largest LNG importer and the top supplier of mineral resources, we ask that you continue to play a significant role in stable supply to Korea."

Last year, after signing a Korea-Australia hydrogen cooperation memorandum of intent, the two countries are currently discussing joint research projects and the formation of a working group.

Minister Sung stated, "South Korea's strength in hydrogen utilization and Australia's strength in hydrogen production can become key areas of cooperation between the two countries," adding, "It is necessary to promote multifaceted cooperation including research and development (R&D), demonstration, and investment, including in the green hydrogen sector."

He continued, "Recently, as the Australian government introduced a hydrogen investment fund to accelerate hydrogen development and supply, I hope the two countries can establish a model cooperative system to revitalize the hydrogen economy."

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