UP to A$300m (US$193m) will be made available for a new advancing hydrogen fund to support Australia’s hydrogen industry.
The launch of the new fund is part of Australia’s national hydrogen strategy, which was approved at a meeting of the Council of Australian Governments (COAG) Energy Council in November 2019. The aim of the strategy is to build Australia’s hydrogen sector into a global export industry by 2030.
The fund will be administered by the Clean Energy Finance Corporation (CEFC) and it is the Australian Government’s first fund dedicated to hydrogen projects.
The hydrogen can be produced using renewable energy or fossil fuels. The funding is expected to achieve benefits such as driving large-scale deployment of electrolyser technologies and accelerating the deployment of large-scale renewable energy hydrogen technologies. New investments will be considered in advancing hydrogen production, developing supply chains, and establishing hydrogen hubs.
Ian Learmonth, CEFC CEO, said: “Renewable hydrogen can enable the deep decarbonisation of notoriously difficult-to-abate sectors, particularly in transport and manufacturing, while accelerating the contribution of renewable energy across the economy. We see green hydrogen as offering the most credible pathway to decarbonisation for high emitting sectors and those which lack scaleable electrification options. Together, these sectors are responsible for driving some 30% of Australia’s greenhouse gas emissions.”
Angus Taylor, Energy and Emissions Reduction Minister, said: “If we can get hydrogen produced at under A$2 a kilogram, it will be able to play a role in our domestic energy mix to bring down energy prices and keep the lights on. Our hydrogen industry has the ability to make a tremendous positive impact both at home and overseas. From cheaper energy bills and job creation in regional Australia, to playing a role in reducing global emissions both at home and in countries that buy Australian-produced hydrogen, the industry’s potential cannot be ignored.”
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