Ottawa, March 19 (IANS): Canada and Germany have signed a Memorandum of Understanding (MOU) to implement a transatlantic hydrogen corridor.

According to a news statement issued by Natural Resources Canada on Monday, this bilateral programme will accelerate commercial-scale hydrogen trade between Canada and Germany, and secure early access for clean Canadian hydrogen producers in the German market, Xinhua news agency reported.

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 finalising the terms and conditions of the Bilateral Window no later than June 30, 2024, and Hydrogen Purchase Agreements will be secured, the statement said.

The two countries set up a hydrogen alliance in August 2022 with the shared objectives of catalysing investments in hydrogen products, supporting the development of secure hydrogen supply chains and establishing a Canada-Germany supply corridor.

More than 80 low-carbon hydrogen production projects have been announced in Canada till now, representing an economic expression of interest in more than 100 billion Canadian dollars ($74 billion) of potential investment, the statement added.