NSW announces hydrogen strategy to boost investment and job creation
Australia’s largest state, New South Wales, presented its strategy to support the development of a commercial hydrogen industry.
The state has already pledged $ 70 million to develop hydrogen hubs in the state. In addition, on Wednesday, the government announced the following incentives:
- Exemptions for the production of green hydrogen from government royalties;
- A 90% exemption from electricity network charges for green hydrogen producers who connect to parts of the network with unused capacity;
- Incentives for the production of green hydrogen; and
- A network of hydrogen refueling stations will be deployed statewide.
NSW Premier Dominic Perottet, who recently rose to the top post after Gladys Berejiklian resigned following the announcement that the Independent Commission against Corruption was investigating her, said the Hydrogen Strategy would help attract investment and create more jobs even as the state slowly emerges from a lockdown.
As of Monday, 70% of NSW’s population over the age of 16 had been fully vaccinated against COVID-19, and some of the restrictions, in place since June, have been relaxed.
At first glance, it seems the NSW Hydrogen strategy was well worth the wait. Real dollars that recognize the magnitude of the opportunity and substantial, tangible medium-term goals. Congratulations @Matt_KeanMP & DPIE team. pic.twitter.com/mqUsJc4T6h
– Anna Freeman (@ FreeAnna1) October 13, 2021
“Australia has the opportunity to be an energy superpower, New South Wales will lead the country with this hydrogen strategy,” Perrottet said in a statement.
“Our major trading partners see hydrogen as part of their energy future, this state has the skills, infrastructure and renewable energy resources to be globally competitive in this new industry.”
Treasurer and Energy Minister Matt Kean, a central figure in the state’s climate initiatives under Berejiklian, said the strategy, which would provide up to $ 3 billion in incentives, is expected to boost the country’s economy. New South Wales of over $ 600 million by 2030.
“Hydrogen will not only help the state to halve our emissions by 2030 and achieve net zero by 2050, but it will create new opportunities for our heavy industry and an economic windfall of investment and development. ‘jobs,’ he said.
“This strategy is expected to cut the cost of producing green hydrogen in New South Wales by more than half and will make New South Wales the best place to invest in hydrogen in the world.”
The statement said companies wishing to participate in hydrogen hubs could submit an expression of interest by the end of the month.
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