Australia – Extra $1,3b for hydrogen, gas and carbon capture.
Carbon capture and storage technology, low-emissions steel and hydrogen fuel will share in $1.3 billion as the federal government invests in its plan to get Australia to net zero greenhouse emissions by 2050.
The funding includes $300 million for liquified natural gas and hydrogen production in Darwin, along with associated carbon capture and storage infrastructure.
Energy and Emissions Reduction Minister Angus Taylor said Australia was investing in lower emissions technologies like hydrogen to reduce the cost of production, which would then encourage uptake around the world without imposing taxes on private industry.
Mr Taylor, Energy and Emissions Reduction Minister, said.
Our technology not taxes approach will make sure Australia meets and beats our 2030 emissions target, and plays a leading role in bringing down global emissions by investing in the technologies that won’t just help Australia, but will help the world.
Darwin has an opportunity to become one of the world’s leading low-cost clean energy hubs, he said, pointing to its access to onshore and offshore gas and greenhouse gas storage resources, including the Beetaloo and Petrel basins and the offshore Barossa and Bayu-Undan fields.
A further $200 million will be spent on iron ore processing to support low-emissions steel production in Australia’s export customer countries such as Japan and South Korea.
Another $200 million will be used to develop new low-emissions manufacturing facilities in the Pilbara region, using hydrogen and its derivatives, such as ammonia, as well as carbon capture utilisation and storage. Thanks for staying up to date with Hydrogen Central.
The federal government will also commit $247.1 million to support increased private sector investment in low-emissions technologies including hydrogen, and the continued development of a hydrogen “guarantee of origin” scheme.
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Extra $1.3b for hydrogen, gas and carbon capture, March 29, 2022