Australia and South Korea have signed a bilateral green economy agreement.
The Green Economy Partnership Arrangement on Climate and Energy will step up energy cooperation between the two nations, with an objective of diversifying clean energy supply chains and reach net zero by 2050.
Specifically, the agreement will target cooperation in renewable hydrogen, clean energy technologies, green metals and carbon sequestration.
The partnership was signed late last year by Minister for Climate Change and Energy Chris Bowen and the Republic of Korea’s Minister for Trade, Industry and Energy Ahn Dukgeun.
Minister Bowen said the new partnership would open opportunities for Australia’s renewable energy sector and support Australia to become a renewable energy superpower.
“We are committed to remaining a reliable, stable and secure energy supplier to Korea as we work to become a renewable energy superpower and help the world decarbonise,” he said.
“This partnership deepens and expands our bilateral cooperation on hydrogen and green metals as our two nations pursue a shared commitment to reach net zero by 2050.
“A Future Made in Australia is not a future made alone – strengthening cooperation creates new employment and export opportunities for Australian businesses in our cities and our regions.”
As part of the partnership, a new Korea–Australia Joint Ministerial Meeting has been established to strengthen bilateral economic relations and oversee the implementation of the partnership.
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