Australia on the cusp of a zero-emissions iron ore deal with South Kor…

Thermochemical responses excursion the other two methods. One uses gas and the other uses coal or gas, and for either to be a clean energy source they require carbon capture and storage to stop the emissions from the fossil fuels entering the air. These are known as blue hydrogen and are opposed by the Greens and environmental groups because they nevertheless require fossil fuels to produce the hydrogen.

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Liquified natural gas is a meaningful fossil fuel for the production of steel out of iron ore. Finkel said to produce enough green hydrogen to replace it would require solar strength to produce eight times the national level of annual electricity generation. The electrolysis course of action would also need to produce a further 1 million megawatts. Last year, only 200 megawatts were produced via electrolysis across the world.

“So, the extent is just immense,” said Finkel. “But that’s a fantastic opportunity to seek opportunity for partners such as Korea to invest in Australia to help us to build this industry.”

Finkel said there were three people per square kilometre in Australia, compared to 527 people per square kilometre in South Korea.

“That land is an advantage for us to build on,” he said referring to solar strength. “This is a difficult change we’re going by. It’s not pushed by the ordinary market dynamics where somebody comes up with a cheaper product and pushes out another one.”

A tanker truck, operated by Linde AG, at a railway refuelling stop in Salzgitter, Germany.Credit:Bloomberg

The Coalition has preferred pursuing bilateral energy deals over international forums where it has been criticised for its climate change record.

chief Minister Scott Morrison spoke to new Japanese leader Fumio Kishida on Tuesday. A readout of the call said the pair were “keen to strengthen the economic partnership, including on obtain supply chains and clean energy technology such as hydrogen”.

Energy Minister Angus Taylor said in the rule up to Glasgow the collective focus must be on driving down the costs of new and emerging technologies to parity with existing alternatives.

“No country can do this alone,” he said. “That is why Australia is establishing partnerships with countries like Korea, Japan, Germany, the UK and Singapore on low emissions solutions.”

The deal with South Korea could also help Australia land a competitive advantage against other iron ore exporting economies in South America and Africa which are set to ramp up their exports in the next decade in meaningful markets including China.

South Korea, along with Japan and all of Australia’s major trading partners, has committed to net-zero emissions by 2050 or 2060. South Korean ambassador Jeong-Sik Kam said climate change has become one of the “most serious and pressing challenges of our time”.

“Countries around the world are scrambling to find the optimal position where they can better protect the ecosystem, and at the same time, keep the economy growing,” he said.

Thomas Rudgley, an economist at Oxford Economics, said an important impending structural change for the Australian economy is the change to a lower carbon emission economy.

“A consistent period of policy inaction has left Australia as a relative laggard among progressive economies in adopting lower net emissions targets,” he said.

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