South Korea and Australia have agreed to strengthen their cooperation in the areas of mineral supply chains and clean energy, according to the South Korean Ministry of Trade, Industry and Energy. During a meeting between South Korea’s Industry Minister Lee Chang-yang and Australia’s climate change and energy minister, Chris Bowen, the two nations pledged to work more closely in ensuring stable supply chains for industry minerals, liquefied natural gas (LNG), and other resources. Additionally, they discussed collaboration in clean hydrogen, eco-friendly steel production, and carbon capture and storage.
As the number one supplier of LNG, coal, and iron ore for South Korea, Australia’s abundant natural resources, such as lithium, cobalt, and LNG, make it a crucial partner in meeting South Korea’s energy and industry needs. The agreement marks a step towards diversifying and securing the supply of these crucial minerals and resources.
Apart from strengthening the supply chains, South Korea’s Industry Minister raised concerns about the Australian government’s Safeguard Mechanism, which sets emission limits for major industrial facilities. The South Korean minister emphasized the need for cooperation to address uncertainties faced by South Korean companies operating in Australia.
The collaborative efforts between South Korea and Australia are expected to leverage South Korea’s technological expertise and Australia’s production capacities in various clean energy fields. The Indo-Pacific Economic Framework, a multilateral consultation platform attended by both countries, will also be utilized to achieve these goals.
The Indo-Pacific Economic Framework is a U.S.-led initiative that includes 14 nations, with a focus on promoting supply chain resilience and enhancing trade among major regional partners. By participating in the initiative, South Korea and Australia aim to further foster cooperation in fields such as clean energy.
This new partnership signals a significant step towards enhancing the bilateral relationship between South Korea and Australia. By combining their strengths and resources, both countries are poised to advance their clean energy agendas while ensuring the stability of crucial mineral supply chains. The collaborative efforts are expected to contribute to a sustainable and secure future for both nations.
Disclaimer: This article presents the news as reported by the Ministry of Trade, Industry and Energy in South Korea. It does not include any additional opinions or perspectives.
