Unveiling the partnership on Sunday (Oct 31), the parties said the effort will include collaboration on clean hydrogen, clean ammonia, hydrogen fuel cell electric vehicles and hydrogen generation.

Further to that, the partnership will support research on hydrogen supply chains between companies in both Australia and Korea and will also see a low emissions stell and iron ore initiative pursued.

Prime Minister Scott Morrison and President Moon Jae-in of the ROK agreed the partnership during bilateral talks at the G20 summit in Rome, ahead of COP26 in Glasgow.

Minister for Industry, Energy and Emissions Reduction Angus Taylor has welcomed the effort, stating it will help Australia achieve its long-term emissions reduction plan.

“Australia and ROK share a forward-facing relationship that is rising to new challenges, and today I was delighted to begin a new partnership that will position both Australia and ROK to play a leadership role in the global response to climate change, a defining challenge and opportunity of our time,” Morrison said.

“The partnership recognises our shared commitment to an ambitious, technology-led approach that will achieve the goals of the Paris Agreement by ensuring we reduce greenhouse gas emissions, while also growing our economies and creating jobs.

“Together, we share the ambition of accelerating the development and commercialisation of low and zero emissions technologies, both existing and emerging, to achieve cost parity with high emitting technologies as soon as possible.

“The partnership also commits us to advancing technologies and trade systems for hydrogen supply, low emissions steel and iron ore, and carbon capture, utilization and storage as early priorities.”

Minister Taylor, added, “Australia and the Republic of Korea share the ambition of advancing the development and commercialisation of low and zero emissions technologies so they can achieve cost parity with high-emitting technologies as soon as possible.

“We will collaborate on technologies, including clean hydrogen and clean ammonia supply; low emissions iron ore and steel; hydrogen fuel cell electric vehicles; hydrogen power generation; carbon capture, use and storage; energy storage; solar; and the critical minerals supply chain.”