Thank you for the question.
First, I'll clarify something. I believe the $600 million you're referencing is the money that Germany and Canada committed to the H2Global auction. This is a two-sided auction process. Back in 2024, the German government and the Canadian government each committed approximately $300 million in funding to essentially be a contract for difference.
Project developers for green hydrogen export in Canada will be able to bid in, and the suppliers that bid the lowest price will be successful in that auction. Then, a second auction will happen in Germany for customers for that green hydrogen or its derivatives, and the customers who bid the highest amount will be successful. The money in the $600-million pot will be used to bridge that gap between the lowest supply price and the highest demand price. That is the way the auction is intended to work.
There was a second part to your question. Should Canada be subsidizing energy that's going to Germany? That's an important question. I would frame this by saying that this money will kick-start the green hydrogen export sector in Canada. It's an important investment to get the early market developed. Once the market gets going, the goal is for it to become self-sustaining. Like the wind, solar and battery industries, it's hard to get these markets going quickly enough and scaling up rapidly enough to become self-sustaining without that initial support.