OTTAWA, March 18 (Xinhua) -- Canada and Germany on Monday signed a Memorandum of Understanding (MOU) to implement a transatlantic hydrogen corridor.
According to a news release issued by Natural Resources Canada, this bilateral program will accelerate commercial-scale hydrogen trade between Canada and Germany, and secure early access for clean Canadian hydrogen producers in the German market.
Under this MOU, the Canada-Germany Bilateral Window will be set up to conduct coordinated supply and demand side auctions that will connect Canadian hydrogen exporters with German buyers to facilitate the completion of commercially binding contracts for the sale of clean Canadian hydrogen and its derivatives within the established timelines.
The MOU committed Canada and Germany to finalizing the terms and conditions of the Bilateral Window no later than June 30, 2024 and Hydrogen Purchase Agreements will be secured, the release said.
The two countries set up a hydrogen alliance in August 2022 with the shared objectives of catalyzing investments in hydrogen products, supporting the development of secure hydrogen supply chains and establishing a Canada-Germany supply corridor.
Over 80 low-carbon hydrogen production projects have been announced in Canada to date, representing an economic expression of interest in over 100 billion Canadian dollars (74 billion U.S. dollars) of potential investment, the release said.
(Editor:Fu Bo)
Confidence of US consumers continues to decline as Americans worry about the future
Texas: Diversity, equity and inclusion ban has led to more than 100 job cuts at state universities
Congestion charging bill derailed at last minute, former MP says
'A disgrace': Families doing it tough after government cuts funding to food bank
Dua Lipa is all about 'Radical Optimism,' in her music and other pursuits
Olympic champions to earn US$50,000, end of 128
People turning up drunk at emergency departments increasingly older
Major bridge in Baltimore, US collapses after being struck by cargo ship
TVNZ's Sunday cancelled, broadcaster confirms
India recalls Rishabh Pant for T20 World Cup after near
Tamatea rugby matches suspended at park near scene of gun attack on players' van