NSW Hydrogen Strategy to drive investment, create jobs and power prosperity
NSW is set to attract more than $80 billion of investment, drive deep decarbonisation and establish itself as an energy and economic superpower with today’s launch of the NSW Hydrogen Strategy.
Premier Dominic Perrottet said as NSW worked through post-lockdown recovery, hydrogen was an opportunity to drive new investment and help secure jobs right across the State.
“Australia has an opportunity to be an energy superpower, New South Wales will lead the country with this hydrogen strategy,” Mr 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.”
Deputy Premier and Minister for Regional NSW Paul Toole said hydrogen was a huge opportunity for regional NSW.
“We know that regional economies are diversifying, and the NSW government’s Hydrogen Strategy is bringing that to life,” Mr Toole said.
“Places like Parkes, the Illawarra, and the Upper Hunter are uniquely placed to take advantage of these opportunities, with existing supply lines, access to transport links and a skilled workforce ready to make regional NSW a leader in hydrogen technology.”
Treasurer and Energy Minister Matt Kean said the strategy, which will provide up to $3 billion in incentives, will set the State up as a global hydrogen leader and is forecast to increase the size of the NSW economy by more than $600 million by 2030.
“Hydrogen will not only help the State halve our emissions by 2030 and get to net zero by 2050, it will create new opportunities for our heavy industry, and an economic bonanza of investment and jobs,” Mr Kean said.
“This strategy is forecast to more than halve the cost of green hydrogen production in NSW and will make NSW the best place to invest in hydrogen in the world.”
Fortescue Future Industries Chairman and Founder, Dr Andrew Forrest AO said: “I am delighted with NSW’s historic hydrogen strategy and ambition to set itself up as an energy and economic superpower.
“NSW is taking a state leadership position providing clear pathways for how renewable hydrogen can deliver for Australian businesses, Australian jobs, communities, and our children’s future.
“At FFI we are doing everything we can as a business to lead the world effort to lower emissions. We are planning to deliver 15 million tonnes of renewable green hydrogen to the world by 2030 increasing to 50 million tonnes per year thereafter.
“We are committed to working with the NSW Government to support their ambitions and develop Green Hydrogen Hubs together.”
In addition to delivering an already committed $70 million to develop the State’s hydrogen hubs in the Illawarra and the Hunter, the strategy includes:
- Exemptions for green hydrogen production from government charges;
- A 90% exemption from electricity network charges for green hydrogen producers who connect to parts of the network with spare capacity;
- Incentives for green hydrogen production;
- A hydrogen refuelling station network to be rolled out across the State.
Business will be to submit an expression of interest to participate in the hydrogen hubs by the end of October. A copy of the strategy is available here.