The race is on – developed nations are seeking to out-compete one another to grow their clean energy capabilities and attract capital. Since COVID-19 and the war in Ukraine this is now not only about decarbonising economies but also growing new sovereign manufacturing capabilities, boosting self-sufficiency and de-risking supply chains.
The competition for clean energy investment is fierce – most notably since the introduction of the Inflation Reduction Act, where the US is now capturing the attention and capital we hoped would be ours – pushing Australia further back in the queue for equipment and for the mobile workforce.
The Australian Hydrogen Council welcomed the Australian Government’s recent budget announcement of A$2bn for a new Hydrogen Headstart program, alongside A$38.2m for the implementation of the Guarantee of Origin scheme and A$2m to establish a fund to support First Nations people and businesses to engage with hydrogen project proponents.
Australia has the national resources, the trade relationships and the experience to become a green export superpower, but unfortunately, few hydrogen projects are reaching financial investment decision, so we aren’t currently
on track to becoming one of the top
hydrogen exporters.
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