Australia’s green hydrogen potential reinforced by 2022 State of Hydrogen Report
Today’s release of the annual State of Hydrogen report reinforces that Australia has the foundations to become a global leader in green hydrogen.
The report illustrates local industry is advancing hydrogen as a chemical feedstock and for export to generate electricity, but there’s an urgent need to speed up priority pilot projects and hydrogen hubs to compete internationally – backing up the decision of state and territory Energy and Climate Ministers to refresh Australia’s National Hydrogen Strategy.
Today’s report details the massive pipeline of hydrogen projects to revitalise domestic manufacturing, support regional economies and create jobs, investment and trade opportunities, while helping Australia achieve its emission reduction targets.
In 2022, more than 100 Australian green hydrogen projects such as green ammonia and green methanol manufacturing were announced. This is more than double the projects announced in 2021.
Australia also has around 40 percent of all announced global hydrogen projects, with the Australian pipeline valued from $230 billion to $300 billion.
Minister for Climate Change and Energy Chris Bowen said the report highlights Australia’s potential in the growing global hydrogen industry.
“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.”
“By 2050, Australia’s hydrogen industry could generate $50 billion in additional GDP and create more than 16,000 jobs in regional Australia," Minister Bowen said.
“We have a great opportunity for entire new industries from Townsville to Gladstone, the Hunter Valley, the Pilbara, Port Bonython and Bell Bay through hydrogen hubs."
"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 Albanese Government is fast-tracking hydrogen investment through:
- investing well over half a billion to develop regional hydrogen hubs
- the German–Australian Hydrogen Innovation and Technology Incubator (HyGATE) initiative, the cost of green hydrogen production and support cutting-edge technology in the industry
- a memorandum of understanding with the Netherlands, advancing cooperation on a green hydrogen supply chain.
- critical investment opportunities through funding pools such as the Powering the Regions Fund, the National Reconstruction Fund, ARENA and the CEFC.