Australia and South Korea Launch Green Economy Partnership to Achieve Net Zero by 2050

Australia and the Republic of Korea (ROK) have entered a new bilateral agreement aimed at enhancing climate and energy cooperation, with a focus on fostering clean energy industries and boosting trade opportunities. The agreement, known as the Green Economy Partnership Arrangement on Climate and Energy, outlines the shared goals of both nations to diversify clean energy supply chains and achieve net-zero emissions by 2050.

The partnership, signed by Australia’s Minister for Climate Change and Energy Chris Bowen and ROK’s Minister for Trade, Industry and Energy Ahn Dukgeun, will intensify collaboration in several key areas, including renewable hydrogen, clean energy technologies, green metals, and carbon sequestration.

Minister Bowen emphasized that the partnership would offer significant opportunities for Australia’s renewable energy sector, positioning the country as a renewable energy superpower.

“We are committed to remaining a reliable, stable, and secure energy supplier to Korea as we work to become a renewable energy superpower and help the world decarbonize,” Bowen said.

He added, “This partnership deepens and expands our bilateral cooperation on hydrogen and green metals as both our nations work toward achieving net-zero emissions by 2050.”

The agreement also introduces a new Korea–Australia Joint Ministerial Meeting, which aims to strengthen economic ties and oversee the implementation of the partnership.

This partnership marks a significant step in both countries’ efforts to accelerate the transition to cleaner energy and create new economic opportunities, including jobs and export possibilities for Australian businesses.