For almost a decade those pushing green/renewable hydrogen have been confronted with a hard truth: people don’t want to pay for it. Critical minerals face their own challenges, not least China flooding global markets, driving down prices. The federal budget attempts to fix these fundamental problems by providing billions in subsidies. But these will not be enough. The focus needs to be on getting the basics right, not least on approvals processes.

Starting with hydrogen, what’s on offer is a production tax credit of $2 per kilogram for renewable hydrogen. This compares to the Biden Administration’s credit of up to US$3 per kilogram ($4.60). And even in the US that may not be enough, as Fortescue and Woodside have argued.