Australia has emerged as a lucrative source of hydrogen for South Korea as the latter aims to boost its clean energy production and reduce carbon emissions

With a target of achieving carbon neutrality by 2050, South Korea recognizes hydrogen as a crucial element in its energy transition plan, and Australia, known for its abundant renewable energy resources, is viewed as an ideal partner in this endeavor.

Australia, with its ample potential for renewable energy, is well-positioned to become a major player in the global hydrogen market. The country's extensive wind and solar resources make it a prime location for the production of green hydrogen, which can be exported to countries like South Korea where the demand for clean energy is high.

To facilitate this partnership, the Australian government has launched the National Hydrogen Strategy, which aims to establish the country as a significant hydrogen exporter by 2030. The strategy encompasses various measures to support the growth of a domestic hydrogen industry, including investments in research and development, infrastructure, and international collaborations.

A key aspect of the National Hydrogen Strategy is the creation of a hydrogen export hub in Geraldton, a town in Western Australia. This hub will be utilized for the production and export of green hydrogen to Asian markets, including South Korea, Japan, and China.

Furthermore, the Australian government is actively collaborating with industry stakeholders to bolster the development of a domestic hydrogen supply chain, encompassing production, distribution, and end-use. It has committed $370 million in funding to support hydrogen infrastructure development, such as hydrogen refueling stations, and is working towards establishing hydrogen supply chains for industrial users.

The potential impact of Australia's hydrogen industry is substantial, not only in terms of economic growth but also in reducing carbon emissions. According to the Australian Renewable Energy Agency, the domestic hydrogen industry's development could create 8,000 new jobs and generate $11 billion in annual revenue by 2050.