State of Hydrogen report puts Australia in position to be a global superpower
The annual State of Hydrogen report released on Thursday found Australia has about 40 per cent of all globally announced hydrogen projects, with a pipeline valued at up to $300bn.
Australia has the foundations to become a global leader in hydrogen, which could revitalise domestic manufacturing, support regional jobs and help the nation achieve its emissions reductions targets, a new report has found.
The annual State of Hydrogen report released on Thursday found Australia has about 40 per cent of all globally announced hydrogen projects, with the Australian pipeline valued from $230bn to $300bn.
Energy and Climate Change Minister Chris Bowen said the new report highlighted Australia’s potential to become a global hydrogen superpower, with Australia’s domestic hydrogen industry projected to generate $50bn in additional GDP and create more than 16,000 jobs in regional Australia by 2050.
“The world’s climate emergency is Australia’s jobs opportunity, and the Albanese government is moving quickly to make sure we seize that opportunity in green hydrogen,” Mr Bowen said.
“Australia’s regions have the resources, technical skills and track record with international partners to seize this opportunity and become a global hydrogen powerhouse, we need to make sure we don’t get left behind as the rest of the world moves.
“We know our trading partners are looking to us to supply Australian hydrogen, and our industrial base requires it. We will keep our foot on the accelerator to achieve the scale of industry development necessary to compete internationally.”
The report comes after Australia’s energy and climate change ministers agreed to overhaul the national hydrogen strategy in response to global market interventions and green hydrogen funding surges in the US, Gulf states, Canada and Europe.
Fortescue Future Industries and Deloitte Access Economics have warned Australia is being left behind by foreign competitors that have thrown money and resources at developing hydrogen industries.
The Australian Petroleum Production and Exploration Association welcomed the new report as an important step on the path to net zero and paving the way for new economic opportunities for the nation.
APPEA chief executive Samantha McCulloch, representing companies including Shell, Santos, Woodside, Beach and Cooper Energy, said the gas sector would play a critical role in kickstarting low emissions hydrogen.
“The gas sector has the expertise, infrastructure and commercial relationships necessary to make the hydrogen economy a reality and are already investors in low-carbon hydrogen development,” she said.
“As the government reviews its national hydrogen strategy, it’s critical we keep all options on the table to make sure we are rolling out hydrogen at the pace and scale required.”
