NSW passes Energy Legislation Amendment Bill, opening door to hydrogen industry
The NSW green hydrogen industry is set to boom with the legislation underpinning the NSW Hydrogen Strategy passing Parliament on Friday
NSW is leading the nation in developing a hydrogen industry, which is projected to attract over $80 billion in private investment, support 10,000 jobs and open up new export markets.
In the short term, the NSW hydrogen energy industry will develop new export markets with our core trading partners, including Japan, creating new jobs in the Hunter and Illawarra, while also helping to secure our energy needs in the long term according to NSW Premier Dominic Perrottet.
Treasurer and Minister for Energy and Environment Matt Kean said the legislation will allow NSW to capitalise on the growing hydrogen export market, with green hydrogen set to become a leading fuel source in the Asia-Pacific by the end of the decade.
The NSW Hydrogen Strategy includes:
- $70 million to develop hydrogen hubs in the Illawarra and Hunter regions;
- Exemptions for green hydrogen production from government charges;
- 90 per cent exemption from electricity network charges for green hydrogen producers, who connect to parts of the network with spare capacity;
- Funding for infrastructure assessments for large-scale production; and
- A hydrogen refuelling station network roll out across the State.
The Energy Legislation Amendment Bill also includes reforms to allow renewable energy projects, like wind turbines, in the State’s softwood pine plantation estate.
“Renewable energy projects will help to create regional jobs, attract investment in the bush and diversify Forestry Corp’s revenue, at the same time as providing sustainable timber supplies for decades to come,” Mr Kean said.
Any forestry land used for renewables would be required to be replaced on a two-for-one basis to ensure the harvestable forestry estate continues to expand.