A significant financial infusion for a new Queensland hydrogen hub in Queensland will “The Prime Minister claims that this will create “thousands” of “well-paid employment” and move Australia closer to achieving its carbon emission reduction goals.

Anthony Albanese said at a news conference on Saturday that $70 million would be given to the Townsville Region Hydrogen Hub program, with the additional funding expected to be matched by the private sector.

Local firms will be eligible to apply for grants between $30 million and $70 million in addition to the $140 million in financing to support the switch to sustainable energy.

“This exciting development will result in thousands of well-paying, secure jobs in North Queensland,” he added.

“Of all the states, Queensland is in the best situation.

The best solar and wind resources are located there, as well as a competent labor force.

It was time to “go on the front foot,” according to Mr. Albanese, and it was pointless to pretend that nothing was changing.

Because of this industry’s potential for growth and expansion, hydrogen hubs are being built all around Australia, he said.

“The economy of Australia will be significantly impacted by this.

“Those sectors, and their carbon impact, can be changed so that they become industries that can thrive rather than just survive.”

The Alban government wants to produce “green hydrogen,” which splits hydrogen molecules from water using renewable energy sources like solar or wind.

Green hydrogen has been hailed as an effective substitute for fossil fuels, and the former Morrison administration estimated that the hydrogen market might be worth a staggering $50 billion by the year 2050.