18 Sep 2020

Australian Government to Invest $1.9bn in New Energy Technologies

18 Sep 2020  by H2-View   

A new hydrogen export hub worth $70m and a push for hydrogen fuel cell vehicles through a $74.5m future fuels fund, have today been announced by the Australian Government as part of a $1.9bn investment in new energy technologies.

The Government said the new hydrogen hub will scale-up demand and take advantage of the advancements of the low emission, high powered source of energy. A future fuels fund will also allow businesses and communities take advantage of hydrogen through vehicle opportunities.

“These investments create jobs and they bring new technologies into play. This will not only cut emissions but deliver the reliable energy Australia needs while driving down prices for homes and businesses,” the Prime Minister said.

Australia’s Minister for Energy and Emissions Reduction, Angus Taylor, said getting the next generation of energy technologies right would not only help to keep prices low and the lights on, by grow jobs, strengthen the economy and reduce emissions.

Dr Fiona Simon, CEO of the Australian Hydrogen Council, commented, “On behalf of the Australian Hydrogen Council, I welcome the new funding announcement which further demonstrates the Australian Government’s commitment to new and emerging technologies, including hydrogen.”

Simon continued, “The Federal Government’s continued investment in hydrogen, which now includes hydrogen fuel cell vehicles being eligible under the new $74.5m Future Fuels Fund and setting up a hydrogen export hub worth $70.2m, demonstrates the important role hydrogen will play in Australia’s future energy mix.”

The Government today also announced further support of $1.62bn for the Australian Renewable Energy Agency (ARENA) to invest, as well as expand the focus of ARENA and the Clean Energy Finance Corporation (CEFC) to back new technologies that will cut emissions in agriculture, manufacturing, industry and transport.

To support ARENA, the Government will provide the agency with guaranteed baseline funding of $1.43bn over ten years, which will be supplemented in two ways:

Together with the Clean Energy Regulator, ARENA will be approved to deploy a portion of the $2bn Climate Solutions Fund; and

ARENA will become a clean technology grants hub for future initiatives, with a new $193.4m provided to deploy targeted programmes.

“The Australian Hydrogen Council has advocated for the expansion of funding and longevity of the Australian Renewable Energy Agency (ARENA), which is critical for the hydrogen sector,” Simon said.

“It is great to see the Government providing ARENA a guaranteed baseline funding of $1.43bn over ten years, in addition to $193.4m to deploy targeted programmes.”

More News