Australia and Germany plan to spend around $90 million to fund hydrogen projects as part of a joint push to speed up development of the clean fuel to help cut carbon emissions, the Australian government said on Tuesday.
Germany has committed 50 million euros ($56 million) and Australia A$50 million ($36 million) toward the alliance, first announced in June.
"The recent release of the first report from HySupply, our joint Australian-German hydrogen supply chain study, found there is great potential for Australian hydrogen to supply growing demand in Germany," Energy Minister Angus Taylor said in a statement.
The two sides will start accepting bids for funding from the joint Hydrogen Innovation and Technology Incubator, called HyGate, in the first quarter of 2022.
"Being able to draw on Germany's expertise in hydrogen technology will help our domestic industry add value and reduce costs in all stages of the hydrogen supply chain," assistant industry minister Tim Wilson said in a statement.
Australia's conservative government is betting on hydrogen to help the country meet its target of net zero emissions by 2050 as it looks to wean the country off coal and gas.
($1 = 1.3841 Australian dollars, 0.8899 euros) (Reporting by Sonali Paul; Editing by David Gregorio)
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
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