Photo by: Bloomberg
The Australian government has announced the establishment of a A$300-million Advancing Hydrogen Fund, which will finance projects focused on growing a clean, innovative and competitive hydrogen industry in Australia.
The fund will back projects that align with priorities under the National Hydrogen Strategy, including those in areas such as advancing hydrogen production, developing export and domestic supply chains, establishing hydrogen hubs and backing projects that build domestic demand for hydrogen.
The Advancing Hydrogen Fund will be administered by the Clean Energy Finance Corporation (CEFC) and will provide concessional finance for projects that will support a national hydrogen industry.
Finance Minister Mathias Cormann says government is drawing on the energy and financial markets expertise of the CEFC, which has invested more than A$7.7-billion in clean energy so far to help drive investment in hydrogen.
“This new fund will be a catalyst for the future growth of Australia’s hydrogen industry, which has the potential to boost Australia’s energy security, while creating more new jobs across the country and becoming a major new export industry,” Cormann says.
“There are many innovative Australian organisations working to advance the hydrogen industry and this fund will support that work. Our government is very committed to backing technological advances in the hydrogen industry.”
Energy and Emissions Reduction Minister Angus Taylor says the Advancing Hydrogen Fund has met a commitment in the National Hydrogen Strategy to build Australia’s hydrogen industry into a global export industry by 2030.
“The Australian government has a strong commitment to building a hydrogen industry which will create jobs, many in regional areas, and billions of dollars in economic growth between now and 2050,” says Taylor.
“Importantly, if we can get hydrogen produced at under A$2/kg, 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.”