By Reporter Anna Kim 

Minister of Trade, Industry and Energy Lee Chang-yang has decided to establish supply chains for key resources such as minerals and liquefied natural gas (LNG) with Australia and create conditions for corporate investment.

Minister Lee met Australian Climate Change and Energy Minister Chris Bowen in Seoul on July 25 to secure key resources such as minerals and LNG and strengthen cooperation in carbon-neutral areas such as clean hydrogen, green steel, carbon capture and storage (CCS).

Regarding CCS cooperation, which is a way for the two countries to achieve carbon neutrality, Minister Lee called for the Australian government's attention and support, including the ratification of the London Protocol revision, to speed up the cooperation project between Korea and Australia. 

Korea is pushing to collect domestic carbon dioxide, transport it to Australia, inject it into depleted gas fields, and store it permanently.

Minister Lee also said, “It needs to cooperate by combining Korea's excellent technology and Australia's abundant production capabilities in fields such as clean hydrogen and green steel.”

To this end, he stressed that not only bilateral cooperation but also multilateral consultative bodies such as the Indo-Pacific Economic Framework (IPEF) and the World Trade Organization (WTO) should be fully utilized.

Regarding the revision of the Australian Safeguard Mechanism, which calls for significantly strengthening the obligation to reduce greenhouse gas multi-emission facilities, Minister Lee conveyed Korean companies’ management uncertainties and concerns about the implementation on July 1.