Developers are flocking to tap Australia’s rich wind and solar resources and large tracts of land for the so-called green hydrogen. Read more at straitstimes.com.
SYDNEY – Australia will allocate A$2 billion to support renewable hydrogen projects, as the major fossil fuel exporter attempts to reinvent itself as a clean energy powerhouse.
The funding, announced in the budget late on Tuesday, will provide revenue support to private developers, with the aim of having two or three hydrogen projects up and running by 2030.Developers are flocking to tap Australia’s rich wind and solar resources as well as large tracts of land for so-called green hydrogen, a carbon-free energy source tipped to play an important role in the global shift from fossil fuels.
But while the nation has the biggest pipeline of announced green hydrogen projects in the world, so far few have reached financial close. As countries compete for capital, investors and developers have said aggressive subsidies like the US Inflation Reduction Act – which provides US$374 billion in funding for clean energy – will be needed to attract the vast investment required.The Australian iron ore miner has ambitions to become one of the world’s biggest green hydrogen producers and plans to reach final investment decisions on five projects around the world in 2023.
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