Korea and Australia vow to cooperate on carbon neutrality

Economy

Published: 14 Dec. 2021, 18:01

Korea and Australia vow to cooperate on carbon neutrality

President Moon Jae-in, left, discuss with Simon Crean, Australia-Korea Business Council chairman, during a meeting on critical mineral supply chain at a hotel in Sydney on Tuesday. [YONHAP]

The Australian government will invest 50 million Australian dollars ($35 million) over the next 10 years in Korea for technology development related to carbon neutrality.

The Korean government will match the investment.

The two countries will work on three projects next year: hydrogen gas supply networks, development of carbon capture and storing technologies and low-carbon steel.

The Korean government will invest 3 billion won over the next three years in the hydrogen supply network and 2.4 billion won on carbon capture and storage.

An agreement was signed during a meeting between Korean Industry Minister Moon Sung-wook and Australian Minister for Industry, Energy and Emission Reduction Angus Taylor in Sydney on Tuesday.

The two countries have agreed to hold a meeting next year on carbon neutrality technology and promote cooperation from companies in both countries through a business roundtable.

Moon stressed the importance of cooperating on developing technologies that will contribute to speeding up carbon neutrality including the production of clean hydrogen.

“Hydrogen will account for one third of the final energy consumed in Korea in 2050,” Moon said. “Synergy on a hydrogen economy could be created through cooperation between Korea, which has the world’s best technology and experience in supplying hydrogen, and Australia, which has the potential to become a world powerhouse in clean hydrogen production.”

Korean Minister Moon Sung-wook and Australian Minister for Industry, Energy and Emission Reduction Angus Taylor signs an agreement between the two countries in cooperating on carbon neutrality during a ceremony held at the Parliament House in Canberra on Monday. the two ministers held a seperate meeting on Tuesday in Sydney. [YONHAP]

Earlier on Tuesday, the industry minister and President Moon Jae-in attended a business forum discussing cooperation with Australian companies supplying key minerals such as lithium and nickel.

“If the two countries join hands based on strong trust, it would be a huge contribution to stabilizing the supply network and speeding up carbon neutrality,” President Moon said.

“Minerals is one of the most active areas of trade between Australia and Korea,” Moon continued. “Korea is the third largest Australian minerals export market and Korea gets nearly half of its minerals from Australia.

People attending the meeting included Ian Gandel, Australian Strategic Materials chairman, Stephen Grocott, CEO of Queensland Pacific Metals, and Joe Kaderavek, CEO of Cobalt Blue Holdings.

Australia was the first country to help Korea with its diesel exhaust fluid shortage earlier in the year, when it flew in 20,000 liters in November.

BY LEE HO-JEONG [lee.hojeong@joongang.co.kr]