Australia and the Republic of Korea (ROK) have signed a new bilateral agreement to step up climate and energy cooperation and build new clean energy industries and trade opportunities.
The Green Economy Partnership Arrangement (Green EPA) on climate and energy will support Australia and South Korea’s shared objectives to diversify clean energy supply chains.
The agreement is designed to lead to a stable hydrogen supply system for the movement and carbon capture, storage, and utilisation (CCUS) of carbon dioxide, ease trade barriers, and cooperate on standards and certifications on carbon markets.
The signing follows Australia’s completion of procedures required under international agreements for the transboundary movement of carbon dioxide and is in the process of storing carbon dioxide using decommissioned gas fields.
South Korea has signed the agreement with three Australian ministries overseeing industry, trade, energy, minerals, and climate change including the Department of Climate Change, Energy, the Environment and Water; the Department of Foreign Affairs and Trade; and the Department of Industry, Science and Resources.
Federal Minister for Climate Change and Energy Chris 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,” Bowen 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.”
ROK Trade, Industry and Energy minister Ahn Deok-geun was quoted in ROK media as saying the agreement is a comprehensive and strategic cooperation system that goes beyond exciting levels of cooperation.
“Through cooperation with Australia’s three ministries, we have strengthened the clean energy industry and supply chain and opened new opportunities for our corporations to secure technology and expand overseas,” he said.
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.
Australia signed a Green EPA with Singapore in 2022, working together to decarbonise shipping and develop supply chains for low-carbon fuels.
ROK’s Green EPA with Australia is its first, and South Korea plans to pursue more in the future with other countries.
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