Govt incentive news

Hydrogenbody requests $10b fund

27 September 2021

heAustralian Hydrogen Council urges the government to establish a Net Zero Fundto assist the country in decarbonising.

The Australian Hydrogen Council is the peak representative body for the Australian hydrogen industry.

The Council urged the government that Australia desperatelyneeds to establish a Net Zero Fund that prioritises funding for applicationsthat need hydrogen to decarbonise.

According to the Hydrogen Council, more than $10 billion isrequired to bolster Australia’s hydrogen industry, as well as increase demandand promote use on the way to decarbonisation.

Outlined in its report, Unlocking Australia’s HydrogenOpportunity, The Australian Hydrogen Council charts the pathway to achievingnet zero emissions with the assistance of hydrogen.

According to chief executive officer (CEO) Dr Fiona Simon, thegovernment needs to act to plan for net zero and the role hydrogen is to playin order to get there.

“The billions of dollars of future GDP envisioned in theNational Hydrogen Strategy will only be realised with a significantdown-payment,” Simon said.

“The Australian Government has, and will have, no choice.”

Simon added that driving large sources of demand will scale upthe industry and drive down costs.

“We recommend that The Australian Government establishes a NetZero Fund, with an initial allocation of $10 billion.

“The Net Zero Fund will help to close the economic gap forapplications that are hard to abate without hydrogen, like steel, ammoniaproduction and heavy transport.”

The fund would be administered by a Net Zero Authority, with thepower to cover a broad range of players from research to commercialisation.

The work of the Authority could potentially subsume AustralianRenewable Energy Agency (ARENA) and the Clean Energy Finance Corporation (CEFC).

“In addition to funding, hydrogen industry growth requiresplanning, co-ordination and the right policy settings from governments,” Simonsaid.

“An acceleration of government policy can get the nation to netzero faster, and it can muster and leverage the incredible resources alreadybeing invested by the states and by industry.”

Simon recommended comprehensive planning information to assistgovernments, the private sector and the public to make informed decisions aboutthe industry.

“With the global race to net zero emissions underway, it isimperative that the Australian Government drive a co-ordinated nationalapproach to creating a clean hydrogen industry.”

For more information visit the Australian Hydrogen Councilwebsite.