Australia and South Korea Might join Forces to Attain Net-zero Emissions

In a recent statement at the H2MEET Conference 2023 held in South Korea, Catherine Raper, the Australian ambassador to South Korea, emphasized the potential synergy between South Korea and Australia in advancing towards net-zero emissions. Raper believes that their collaboration is a "recipe for success" if they can streamline and secure the required investments.

Highlighting the strengths of both nations, Raper mentioned Australia's expertise and abundance of resources, while praising South Korea's manufacturing prowess. The objective is to establish a robust hydrogen industry, positioning South Korea as a major export destination for Australia. Collaboration between companies from both countries, including ventures between the Western Green Energy Hub and South Korea's Kepco, are already in motion.

However, Raper expressed concerns over the disparity between their strong trade ties and the actual level of investments. Despite the close trading relationship, South Korea stood as only the 19th largest direct investor in Australia as of 2022. Ronald Green of the Australian Trade and Investment Commission highlighted this further, noting the absence of direct South Korean investments in Australian hydrogen initiatives. While investments have been made in energy and renewables, hydrogen-specific projects have been largely overlooked.

Drawing attention to their 2021 strategic partnership and commitments towards the Paris climate accord, Raper stressed the need for more South Korean investments in Australia, especially in downstream processing. She cited the recent large-scale investment by South Korean steel company, Posco, in Western Australia's green hydrogen sector as the kind of support that's crucial.

According to Procurement Resource, Australia and South Korea might forge a collaboration to get on tract with Net-Zero emissions. Australia can greatly aid global decarbonization by bolstering trade and investments in clean energy. By doing so, they can provide essential resources for Korea's core industries. The joint efforts can catalyze the transition to renewables and clean energy technology.