The government of New South Wales, Australia’s most populated State, will fund A$3 billion ($US2.3B) in green hydrogen grants.
The State is looking to attract between A$80 and A$50 billion in hydrogen development infrastructure as it accelerates its shift to zero emissions.
The announcement was made with FFI Chairman Andrew Forrest.
NSW, governed by a conservative coalition government, is targeting net zero emissions by 2050.
“Our major trading partners see hydrogen as part of their energy future, this state has the skills, infrastructure and renewable energy resources to compete globally in this new industry,” NSW Premier Perrottet said.
“Hydrogen will not only help the State halve our emissions by 2030 and get to net zero by 2050, it will create new opportunities for our heavy industry, and an economic bonanza of investment and jobs,” State Treasurer Matt Kean said in the joint statement.
“This strategy is forecast to more than halve the cost of green hydrogen production in NSW and will make NSW the best place to invest in hydrogen in the world.”
The government is looking to develop the hydrogen industry in areas traditionally home to coal.
$70 million has already been committed to develop hydrogen hubs in the Hunter (north of Sydney) and Illawarra regions (south of Sydney).
Kean said demand for coal was declining rapidly around the world, and hydrogen provided a natural hedge as the change took place.
“We envisage that the hydrogen industry will be bigger than the coal industry by 2050,” he said.
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