Page 218 - ΝΑΥΤΙΚΑ ΧΡΟΝΙΚΑ - ΟΚΤΩΒΡΙΟΣ 2024

ENERGY & NATURAL RESOURCES

Australia’s participation in the H2Global scheme
is a groundbreaking step, marking the first agree-
ment with a country south of the equator. The
H2Global mechanism facilitates the import and
export of clean fuels such as renewable hydrogen
derivatives, including ammonia and methanol,
from regions with cost-effective production to
high-demand markets. This strategic partner-
ship will enable Australia to establish renewable
hydrogen shipping corridors to Europe and beyond
while providing Australian companies access to
European markets for hydrogen and ammonia. In
turn, Europe will benefit from competitively priced,
clean energy products.
The joint H2Global tender will help bridge the price
gap of renewable hydrogen and its derivatives pro-
duced in Australia and sold in Europe. The initial
hydrogen purchase auction is scheduled to begin
in 2025, with the first annual sales auction targeted
for 2027/2028.
ADNOC AND EXXONMOBIL TO PARTNER
IN WORLD’S LARGEST LOW-CARBON
HYDROGEN FACILITY
His Highness Sheikh Khaled bin Mohamed bin
Zayed Al Nahyan, Crown Prince of Abu Dhabi and
Chairman of the Abu Dhabi Executive Council,
petitiveness of the EU industry and accelerating has witnessed the signing of an agreement on
investments in Europe’s integrated infrastructure Wednesday, 4 September 2024, in which ADNOC
networks, which are essential for the electrification will acquire a 35% equity stake in ExxonMobil
of the European economy. Corporation’s (NYSE: XOM) proposed low-car-
New and emerging challenges will need to be bon hydrogen and ammonia production facility in
addressed in the future, such as the current ambi- Baytown, Texas.
tion gap in renewables and energy efficiency tar- The agreement represents a significant invest-
gets, the increase in energy poverty, the energy ment in the US’s energy production and the global
price differential compared to other global compet- energy transition. It will help reduce greenhouse
itors, and the risk of new strategic critical depen- gas emissions across hard-to-decarbonise sec-
dencies. These challenges will require a decisive tors, including industry, energy, and transportation,
policy response and a step change in efforts at EU meet rising demand for lower-carbon fuels, and
and Member State level, through more coordina- accelerate a net-zero future.
tion, market integration, and joint action. Contingent on supportive government policy
and necessary regulatory permits, the facility is
AUSTRALIA AND GERMANY TO ESTABLISH expected to be the world’s largest of its kind upon
GLOBAL SUPPLY CHAINS FOR RENEWABLE startup, capable of producing up to 1 billion cubic
HYDROGEN PRODUCTS feet (BCF) daily of low-carbon hydrogen, which
Australian Minister for Climate Change and Energy, is virtually carbon-free with approximately 98%
Chris Bowen, and German State Secretary for Eco- of carbon dioxide (CO2) removed and more than 1
nomic Affairs and Climate Action, Anja Hajduk, million tonnes of low-carbon ammonia per year. A
recently announced a major expansion in bilateral final investment decision (FID) is expected in 2025,
energy cooperation that included committing with anticipated startup in 2029.
€200 million each to a joint H2Global auction. The facility will leverage advanced carbon cap-
Both nations signed a Joint Declaration of Intent, ture and storage technologies to reduce emissions
agreeing to contribute a combined €400 million to associated with hydrogen production. Creating
a bilateral H2Global tender. This initiative aims to US jobs and supporting community development
address the cost-of-difference of renewable hydro- initiatives, the project’s construction will also bring
gen and its derivatives while establishing global substantial economic benefits to Baytown, the
supply chains for renewable hydrogen products. Houston area, and Texas.

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