The Australian Labour Government are investing $1.14bn in a National Hydrogen Plan to make Australia a world leader in the burgeoning hydrogen (H2) industry.
H2 is an emerging industry that has huge potential to deliver significant economic, jobs, fuel security and environmental benefits to Australia. From transforming transport, to providing secure, affordable and clean energy for industry, the potential of an Australian H2 industry is massive.
Due to Australia’s low cost renewable energy and proximity to Asian markets, it is projected to have a significant cost advantage compared to other H2 producing nations such as Qatar and Norway. This means that as well as playing a key part in Australia’s own transition to clean energy, H2 also represents a huge export opportunity, with the global market for H2 expected to be worth $215bn by 2022 according to the International Energy Agency. Due to existing LNG infrastructure and a proof of concept H2 plant, the Australian City of Gladstone has enormous potential as an export hub for H2.
ACIL Allen Consulting projects that H2 exports alone could contribute $3.6bn per annum to the economy and generate nearly 6,000 jobs by 2030. This is projected to grow to $10bn of exports per annum by 2040, and 16,000 new jobs, with most of these jobs in regional areas.
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