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Hydrogen industry calls for Australia to set up $7.2 billion net zero fund

By September 30, 2021December 16th, 2021No Comments

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Hydrogen industry calls for Australia to set up $7.2 billion net zero fund

Sep 30, 2021 • Upstream

The Australian government has been urged to set up a A$10 billion (US$7.2 billion) net zero fund as part of a strategy to establish a viable hydrogen industry

In a white paper released this week, Unlocking Australia’s Hydrogen Industry, the Australian Hydrogen Council (AHC) said the country “urgently” needs a national approach to the nascent industry.

In addition to the initial A$10 billion fund, the council would like to see it topped up with an additional A$1 billion each year to 2030.

Australia has about 69 gigawatts of proposed green hydrogen projects in the pipeline, placing it well ahead of other countries. However, funding for development appears to be lacking compared with other regions.

Norwegian consultancy Rystad Energy recently claimed Australian government spending in support of green hydrogen has totalled only US$290 million, well behind countries such as Germany and France, which have stumped up about US$10.5 billion and US$9.7 billion, respectively.

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