The government announced on the 22nd that it has signed a climate agreement to cooperate broadly with Australia in the clean economy sector.
The Ministry of Trade, Industry and Energy signed the Korea-Australia Green Economy Partnership Agreement (Green EPA) on the 20th, aimed at expanding trade and investment in the clean economy sector and strengthening cooperation in energy security and supply chains.
The Green Economy Partnership Agreement is a cooperation agreement across the climate and energy sectors, including diversification of supply chains, strengthening trade and investment cooperation, easing trade barriers, cooperating on standards and certifications, and collaborating on carbon markets.
This agreement is a comprehensive cooperation platform signed with Australia's three ministries overseeing industry, trade, energy, minerals, and climate change: 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.
Australia plays a key role in the Asia-Pacific region's clean hydrogen supply chain. It has recently completed international agreement procedures necessary for the transboundary movement of carbon dioxide and is actively utilizing domestic depleted gas fields for carbon storage.
Through this agreement, the two countries have established a cooperation foundation for creating a stable hydrogen supply system. A cooperation system has been established for the movement and storage of carbon dioxide between the two countries, which is expected to invigorate practical cooperation in the field of carbon capture, utilization, and storage (CCUS).
Minister Ahn Deok-geun of the Ministry of Trade, Industry and Energy noted, "This agreement is a comprehensive and strategic cooperation system that goes beyond existing levels of cooperation," adding that "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."
Chris Bowen, Minister of the Australian Department of Climate Change, Energy, the Environment and Water, assessed, "In a situation where both countries share the 2050 net zero goal, this agreement will deepen and expand bilateral cooperation in areas such as hydrogen and clean minerals," adding that "enhanced cooperation will contribute to creating new employment and export opportunities in the region."
The Ministry of Trade, Industry and Energy plans to pursue Green Economy Partnership Agreements with other countries as well.