Australia has launched its 2024 National Hydrogen Strategy, which focuses on making the country a leader in green hydrogen production and export. Backed by $8 billion from the federal budget, the plan targets annual production of 0.5 million tonnes of green hydrogen by 2030 and 15 million tonnes by 2050.
Key Objectives and Blueprint
At the APAC Hydrogen 2024 Summit & Exhibition in Brisbane, Minister for Climate Change and Energy Chris Bowen emphasized that the new strategy sets Australia up for significant domestic and international growth in hydrogen. The strategy aims to expand clean energy manufacturing capabilities and improve export opportunities. It sets a vision for the country’s hydrogen industry, emphasizing safety, competitiveness, and innovation.
Investment and Partnerships
The strategy highlights the importance of sending a clear signal to trading partners about Australia’s future hydrogen marketplace. This has already led to expanded trading agreements with countries like Germany. Bowen noted that the blueprint will guide future infrastructure and investments, thus positioning Australia to leverage the global transition to net zero by fostering domestic manufacturing and boosting energy exports.
Programs and Funding
To achieve its goals, the strategy outlines four primary objectives supported by 34 actions and enablers. Central to the strategy are the green Hydrogen Production Tax Incentive and the green Hydrogen Headstart programs, financed by this year’s federal budget. These programs aim to drive scale, accelerate investments, and help significant projects reach financial closure more quickly. They are projected to unlock $50 billion in private sector investments and boost Australia’s production capacity to over 1 million tonnes of green hydrogen annually by 2030.
