Korea and Australia Forge Green Economy Partnership

On December 20, South Korea’s Ministry of Trade, Industry and Energy (MOTIE) and three Australian government departments signed the Green Economy Partnership Arrangement (Green EPA). This landmark agreement aims to boost bilateral trade and investment in clean energy sectors, enhance energy security, and strengthen supply chain collaboration.

The Green EPA, involving Australia’s Department of Climate Change, Energy, the Environment and Water (DCCEEW), Department of Foreign Affairs and Trade (DFAT), and Department of Industry, Science and Resources (DISR), marks a significant upgrade in Korea-Australia relations. It establishes a comprehensive platform for advancing partnerships in clean energy and low-carbon technologies, creating tangible opportunities for businesses in both nations.

A cornerstone of the Green EPA is the development of a stable hydrogen supply chain, positioning Australia as a leader in the Asia-Pacific region. Additionally, Australia’s advancements in cross-border CO2 transport and the utilization of depleted gas fields for carbon capture and storage provide a strong foundation for bilateral cooperation in carbon capture, utilization, and storage (CCUS) technologies.

The Green EPA is expected to diversify energy supply chains, improve energy security, and foster innovation in clean energy technologies. By catalyzing trade, investment, and job creation, the agreement will contribute to sustainable economic growth in both countries.

MOTIE Minister Dukgeun Ahn praised the Green EPA as a “comprehensive and strategic cooperative system,” emphasizing its potential to help Korean businesses secure advanced technologies and expand into global markets.

Australian DCCEEW Minister Chris Bowen highlighted the shared commitment to Net Zero 2050 targets and emphasized opportunities for deeper cooperation in hydrogen and clean minerals. He noted that the partnership would generate employment and export prospects, benefiting the broader region.

The Green EPA cements the commitment of South Korea and Australia to lead in clean energy industries and achieve shared climate goals. This partnership sets the stage for innovative collaborations that will drive progress in clean energy and sustainability.

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