Australia will invest A$2 billion ($1.4 billion) to scale up development of its renewable hydrogen industry, the government announced in its annual budget, as it looks to accelerate clean energy projects in the country.
Funds will be allocated under a “Hydrogen Headstart” programme that provides revenue support for large-scale renewable hydrogen projects through competitive hydrogen production contracts, the announcement said.
The government said the funds would help bridge the commercial gap for early projects and put Australia on course for up to a gigawatt of electrolyser capacity by 2030 through two to three flagship projects.
Australia already has the largest pipeline of renewable hydrogen projects in the world, Treasurer Jim Chalmers said, adding that getting to the country’s target of net zero emissions by 2050 will require renewable hydrogen.
Prime Minister Anthony Albanese’s government has also allocated about A$4 billion to renewable energy projects in the budget. It brings the total investment into renewable energy to more than A$40 billion, it said.
That includes part of the A$15 billion National Reconstruction Fund to support green industries.
The budget also allocated funds to the critical minerals industry needed to make batteries and other green technologies.
Supplier of nearly half of the world’s lithium, Australia is also the world’s third-largest cobalt exporter and a significant producer of rare earths, copper, graphite, manganese and other minerals key to the global energy transition.
However, those minerals are largely processed in China and turned into materials essential in batteries and magnets for products from electric vehicles to missiles.
The budget allocated A$57.1 million for a critical minerals programme aimed at drawing foreign investment into such projects in Australia.
Tags: Austarlia, Clean Energy, Projects
Recent Posts
India gets major push with first multi-purpose Green Hydrogen project
Carbon Clean starts CCS module construction
All American delivers hydrofoil-assisted tour vessel
Safe Bulkers continues fleet renewal with eco-friendly Kamsarmax
Solution developed to convert paper sludge, food and textile waste into bioethanol
V.Ships seals shipmanagement deal for X-Press Feeders
G7 countries task IRENA to monitor Group’s renewable energy progress
Kongsberg Maritime hybrid technology to optimise energy use and cut emissions