Canada will commit up to $300m to support clean hydrogen trade with Germany, according to a news release.
The funds will be allocated via a competitive auction process expected to be launched by the end of the year, following European Commission review of the proposed auction parameters and a similar funding commitment from Germany.
As part of the joint Canada-Germany Hydrogen Alliance, this initiative will help Canadian companies access German markets for their clean hydrogen and ammonia. It will also ensure Germany has access to competitively priced clean energy products produced by Canadian industry and driven by Canadian workers.
Germany is one of Canada’s closest allies and friends on the world stage, the release states, with a shared commitment to building clean economies. Canada-Germany clean hydrogen trade will help create sustainable jobs for Canadian workers, enhance energy security for allies, and lower emissions on both sides of the Atlantic.
The Government of Canada is committed to being the provider of choice to our global allies by investing in clean energy, according to the news release. These actions will help Europe achieve greater energy security, while fighting climate change and building a better, more prosperous future on both sides of the Atlantic.
