With the Federal Government releasing its 2024 National Hydrogen Strategy, the pump industry can start preparing for this new paradigm of energy services.
The strategy aims to provide the framework to guide Australia’s hydrogen production, use and export. The goal is to position Australia as a global hydrogen leader.
Australia has one of the largest pipelines of hydrogen projects of any country globally. The International Energy Agency (IEA) reports that 20 per cent of all announced projects globally are in Australia.
The National Hydrogen Strategy 2024 represents a comprehensive formal review and update of the 2019 National Hydrogen Strategy. It considers developments in technologies, markets, and the international policy landscape over the last five years. The upgrade will allow industry sectors to see how they can develop in line with this new industry growth.
The National Hydrogen Strategy’s new vision is to create a clean, innovative, safe and competitive hydrogen industry that benefits Australia’s communities and economy, enables our net zero transition, and positions us as a major global player.
Central to the updated strategy are the production incentives announced in the Federal Government’s $22.7 billion Future Made in Australia plan, which was announced through the 2024-25 Federal Budget. The Hydrogen Production Tax Incentive (HPTI) and the expanded Hydrogen Headstart Program will drive economies of scale, accelerate investment and reduce the cost gap for renewable hydrogen.
The new strategy was developed in close consultation with stakeholders from State and Territory Governments, industry stakeholders, and a multidisciplinary advisory group.
Image: magann/stock.adobe.com
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