One thing that stands out from the following AFR article is the singling out of Australia as a potential future energy superpower.
For some context, Australia represents 0.32% of the world's population and ranks 13th when measured by gross domestic product (GDP) - the point being Australia is tiny on the world stage.
For the COO (Mr Patrick Lammers) of a European utility company to publicly say that Australia has the potential to be a future global superpower in the energy industry and "the richest country in the world" is big praise if you ask us.
Mr Lammers comments specifically touch on the potential for Australia to produce and then export green hydrogen to the world.
We have long held the view that Australia's access to abundant natural renewable energy resources, including solar and wind power, uniquely positions it to produce the cleanest form of hydrogen - green hydrogen.
Mr Lammers agrees with us, saying Australia is "one of the best geographical places, geopolitical places" to produce green hydrogen.
We are Invested in Province Resources (ASX: PRL), which is looking to develop Australia's first truly zero carbon, green hydrogen project.
To see why we are Invested in PRL, the key objectives we want to see the company achieve in 2022 and the key risks to our Investment thesis, check out our 2022 PRL Investment Memo here.
Below are our key takeaways:
- Chief Operating Officer of European utility E.ON (Patrick Lammers) thinks Australia has the potential to be "the new Saudi Arabia" of green energy and minerals.
- Mr Lammers said, "Australia if it really gets their act together ... could be the powerhouse of green hydrogen for the world because it's actually one of the best geographical places, geopolitical places to do this".
- He also said, "Australia could be the new Saudi Arabia, but then not only having the energy exports, you also export the new minerals in a very green way. This makes you the front-runner, and you could be the richest country in the world".
- Europe, particularly Germany, is facing a crisis in energy supply, exacerbated by the war in Ukraine as Russia reduces pipeline gas flows to the region.
- With Europe's dependence on Russian gas reaching boiling point, Mr Lammers said, "Green hydrogen we see has a pivotal role to keep industry in Europe,".
To read the full AFR full article, click here.