HAMBURG (dpa-AFX) - Germany and Canada have expanded their cooperation on green hydrogen with financing agreements as well as company and port cooperations. Federal Economics Minister Robert Habeck (Greens) and Canadian Energy Minister Jonathan Wilkinson signed a declaration of intent for a joint "financing window" as part of the German H2 Global project on Monday on the sidelines of a hydrogen conference in Hamburg.

All agreements are part of the German-Canadian Energy and Hydrogen Partnership, which the governments of both countries concluded in August 2022. The conference at the Hamburg Chamber of Commerce was the first of its kind to bring together producers and buyers of green hydrogen and clarify structural issues. Hydrogen produced with renewable energy is seen as the key to a climate-neutral economy.

H2 Global is a double auction model that aims to compensate for the difference between the high world market price for green hydrogen due to high investment costs and the lower price at which it can be purchased and used economically. Producers thus receive long-term supply contracts and customers a marketable price. The model is intended to create planning security for further investments on both sides.

According to the Ministry of Economic Affairs, a total of 400 million euros has been earmarked for the planned H2 Global financing window, which both countries intend to share equally.

In view of the Russian war in Ukraine and other global challenges, Habeck and Wilkinson emphasized the importance of energy security in the transformation of the economy. Industry and companies are dependent on a reliable supply on the path to climate neutrality. "We live in a world in which liberal democracies must stand together," said Habeck. With its natural resources for the production of green hydrogen from wind power, Canada is a reliable partner, "a real friend in an unfriendly world".

On the fringes of the conference, Habeck and Wilkinson visited the Hamburg-based copper manufacturer Aurubis, which would like to switch its production of copper anodes from natural gas to hydrogen in the future. In the presence of the government representatives, the Hamburg-based energy company Mabanaft and the US company Pattern Energy also agreed to examine the possibility of supplying green ammonia from Canada.

A further cooperation agreement was concluded between the Port of Hamburg and the Port of Argentia in the Canadian province of Newfoundland and Labrador. The memorandum of understanding, signed by port CEO Jens Meier of the Hamburg Port Authority and his Canadian counterpart Scott Penny, provides for the creation of structures for the maritime transportation of hydrogen from Canada to Germany.

A 300-megawatt electrolyzer powered by wind power and facilities for shipping the hydrogen are to be built in Argentia. According to the Senate's plans, the Port of Hamburg is to be developed into a German hydrogen hub, through which the climate-neutral energy source is to be imported, distributed and also produced locally with its own large-scale electrolyzer.

"Hamburg is ready to play a key role in the Canadian-German energy partnership and the hydrogen alliance," said Mayor Peter Tschentscher (SPD), who welcomed the government and business delegations at a Senate reception in City Hall./fi/DP/nas