The Council of Australian Governments (COAG) Energy Council has released a national strategy to position Australia as a global player in the hydrogen industry by 2030.
Following the release of the National Hydrogen Strategy, the Minister for Energy and Emissions Reduction, Senator Angus Taylor announced $13.4 million to implement and coordinate the strategy.
Senator Taylor said the Government will reserve $370 million from existing Clean Energy Finance Corporation (CEFC) and Australian Renewable Energy Agency (ARENA) funding to back new hydrogen projects.
He said the CEFC will commit $300 million of concessional finance through a new Advancing Hydrogen Fund, with ARENA set to provide $70 million to kick-start electrolyser projects.
“This package takes the Government’s commitments to the hydrogen industry to over $500 million since 2015,” Senator Taylor said.
“The National Hydrogen Strategy maps out the steps we can take to develop a sustainable and commercial hydrogen industry.
“There is potential for thousands of new jobs, many in regional areas, and billions of dollars in economic growth between now and 2050, with key energy export markets such as Japan, South Korea, Singapore and Taiwan taking action to diversify their energy sources,” Senator Taylor said.
Finance Minister, Senator Mathias Cormann said the creation of the Advancing Hydrogen Fund would send a clear signal to the market that the Government is committed to investment in hydrogen projects.
“Significant levels of new investment will be needed to successfully commercialise and scale a global hydrogen industry. We believe Australia is well placed to help contribute to the growth of this emerging industry,” Senator Cormann said.
“In establishing the Advancing Hydrogen Fund, we are creating the appropriate policy and regulatory settings to drive increased investment in hydrogen,” he said.
The 134-page National Hydrogen Strategy can be accessed at this PS News link.
