The system could result in an auction for the purchase of renewables-based fuels shipped from Australia, supporting Germany’s efforts to decarbonise heavy industry and power generation, and replace Russian gas. A second auction would sell the fuel on shorter contracts, with the public funds filling the gap between the two.
Australia is interested in the initiative, although it has not yet responded to the proposal from German Vice Chancellor Robert Habeck for contributing €200 million apiece, according to Timo Bollerhey, chief executive of HINT.CO, the H2Global subsidiary that devised the auction plan.
Ignacio Hernandez, CEO for Asia-Pacific of HIF Global, which wants to build a $1 billion green fuels plant in Tasmania, has voiced support for the H2Global program, saying it could provide greater certainty for project developers and investors.
But he said several factors would need to be considered for it to be successful, including…
