July 31, 2024 Port Hawkesbury, Nova Scotia Natural Resources Canada
Hydrogen will play an essential role in meeting global energy needs, whether in energy security, energy transition or the broader climate imperative. Canada's vast natural resources, world-leading technology companies, and existing energy infrastructure position us as a secure and reliable supplier of clean hydrogen. That is why the Government of Canada is continuing its work and support to ensure the development of a prosperous transatlantic hydrogen trade corridor with our German allies, which will facilitate industrial decarbonization in Germany and across Europe.
Today, the Honourable Jonathan Wilkinson, Minister of Energy and Natural Resources, announced Canada will commit up to $300 million to support clean hydrogen trade with Germany. 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, 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 our allies, and lower emissions on both sides of the Atlantic. Today, we are one step closer to a thriving transatlantic hydrogen economy, providing enormous economic opportunities for Canadians from coast-to-coast-to-coast, and notably, right here in Atlantic Canada.
The Government of Canada is committed to being the provider of choice to our global allies by investing in clean energy. 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. Today's announcement confirms Canada's commitment to those allies and the significant advancements made in supporting the export needs as it relates to clean hydrogen, and our race to reach net-zero globally.
