On December 14, South Korea’s Minister of Industry and Australia’s Minister of Industry, Energy and Carbon Emissions signed a cooperation agreement in Sydney. According to the agreement, in 2022, South Korea and Australia will cooperate in the development of hydrogen supply networks, carbon capture and storage technology, and low-carbon steel research and development.
According to the agreement, the Australian government will invest 50 million Australian dollars (approximately US$35 million) in South Korea in the next 10 years for research and development of low-carbon technologies; the South Korean government will invest 3 billion won (approximately US$2.528 million) in the next three years Used to build a hydrogen supply network.
It is reported that South Korea and Australia agreed to jointly hold a low-carbon technology exchange meeting in 2022, and promote cooperation between enterprises of the two countries through a business round table.
In addition, the Minister of Industry of South Korea emphasized the importance of cooperative research and development of low-carbon technologies at the signing ceremony, which will help accelerate the country’s carbon neutrality.