New South Wales Offers Up to USD 2.2 Billion in Incentives as Part of New Hydrogen Strategy
New South Wales is the biggest coal exporting state in the Australia and the state is looking to cut down its carbon emissions
On 13th October, the government of Australian state New South Wales (NSW) announced that it will offer incentives up to A$3 billion (USD 2.2 billion) as part of its new hydrogen strategy and the state government expects that it would also help attract investments of more than A$80 billion (USD 58.71 billion) by 2050 in clean energy.
New South Wales is the biggest coal exporting state in the Australia and the state is looking to cut down its carbon emissions.
Matt Kean, State treasurer and energy minister, said that the new strategy would not only help the state cut down its carbon emissions by 50% by 2030, but would also would create opportunities for heavy industry and boost the economy by more than A$600 million (USD 440.34 million) over that period.
"This strategy is forecast to more than halve the cost of green hydrogen production in New South Wales and will make New South Wales the best place to invest in hydrogen in the world," Kean said in a statement.
The new strategy is also forecast to more than halve the cost of green hydrogen production in NSW and support the A$70 million (USD 51.37 million) development of hydrogen hubs in the Illawarra and Hunter regions, providing clean fuels for industry coming under intense pressure to decarbonise.
NSW Premier Dominic Perrottet said, “Our major trading partners see hydrogen as part of their energy future, this state has the skills, infrastructure and renewable energy resources to compete globally in this new industry.”
Companies like Korean Steelmaker Posco and Tokyo Electric Power Co., are some of the biggest buyers of Australian LNG and coal. These companies are also mulling significant investments in low-emissions hydrogen in Australia to source fuel that can help them slash their carbon footprint.
In February 2021, the Clean Energy Council said that a specific hydrogen plan for New South Wales was vital for the state to attract private investment in the sector and avoid giving away economic growth opportunities to other states. South Australia, Western Australia, Queensland, Tasmania and Victoria have already launched indivisual initiatives to support hydrogen deployment.
