The two nations inked a memorandum of understanding that commits them to backing transactions between Canadian hydrogen producers and Germany’s industrial manufacturing and energy distribution sectors.
“Canada is working with European allies to displace imports of Russian oil and gas and fight climate change with clean Canadian hydrogen. Canada can be a world-leading producer and exporter of clean hydrogen,” the federal natural resources ministry said in a statement.To create a hydrogen economy, Germany launched the H2-Global project in 2021 using a “double auction” model in which the government would buy the green fuel from producers and sell it to industrial consumers for less.
“Although some challenges remain, we believe a common H2-Global financing window can play an important role in closing the remaining pricing gap,” Economy Minister Robert Habeck said in a statement on Monday.In August 2022, Prime Minister Justin Trudeau and German Chancellor Olaf Scholz agreed to establish a transatlantic supply corridor while coordinating policies to attract investments in hydrogen projects. The deal envisaged Canadian exports to Germany starting in 2025.
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