Korea and Australia to Promote Hydrogen Project Worth 5.8 Billion in First Half of the Year

[Asia Economy Sejong=Reporter Dongwoo Lee] The Ministry of Trade, Industry and Energy announced on the 24th that it will promote a hydrogen joint project worth 5.8 billion KRW with the Australian government.

Park Ki-young, the 2nd Vice Minister of the Ministry of Trade, Industry and Energy, met with Catherine Raper, Ambassador of the Australian Embassy in Korea, at the Government Seoul Office in the morning to discuss ways to strengthen cooperation between the two countries in research and development (R&D), carbon capture, utilization and storage technology (CCUS), and energy and resource supply chains.

This meeting was arranged to discuss energy and resource supply issues related to the Russia-Ukraine war.

The budget for this "Korea-Australia joint project" is 5.8 billion KRW, and the project period is until 2024. The Ministry plans to complete consultations with the Australian side within the first half of this year.

They also proposed the Australian government's participation in the multilateral initiative forum for revitalizing international clean hydrogen trade, to be held in Seoul in June this year.

Additionally, they requested the Australian government to expedite procedures regarding the "Acceptance of the Provisional Implementation Resolution of the London Protocol," which is scheduled to be submitted to the International Maritime Organization (IMO) in April this year.

Vice Minister Park said, "Despite various risks, we will build a stable and resilient energy and resource supply chain," and added, "If urgent energy and resource demand arises in Korea or for the establishment of a mid- to long-term energy and resource supply chain, the two countries will closely cooperate."

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