European oil and gas giant Shell is seeking to expand its Australian power business and develop more renewables and zero-emissions hydrogen projects locally.
Today on Please Explain,business reporter Nick Toscano joins Nathanael Cooper to talk through the complexities of green hydrogen.
What is green hydrogen? How could it help the environment? And what’s its future in Australia?
Despite big advances on green energy,global carbon tariffs will punish Australia if it persists with fossil fuels. Modelling shows NSW would lose about 20,000 jobs and $5 billion in gross state product,and Queensland more than 50,000 jobs and $10 billion.
Australia’s biggest hydrogen developers have thrown their support behind the NSW government’s plan to offer $3 billion in incentives for green hydrogen projects.
The looming federal climate policy lifts spending on hydrogen projects in a bid to cut greenhouse gas emissions to net zero by 2050.
The strategy involves up to $3 billion in government incentives but will help grow the NSW economy by more than $600 million by 2030,Dominic Perrottet said.
The Gladstone region will host one of the world’s largest hydrogen-equipment manufacturing plants under plans revealed by mining magnate Andrew Forrest.
The agreement would allow for the use of hydrogen to make steel and transform the iron ore export industry.
Mining magnate Andrew Forrest has attacked public funding for use of gas,coal and carbon capture to make hydrogen fuel,which features in Australia’s climate policy.
Andrew Forrest’s green hydrogen team has thrown out the HR rule book to attract talent in its quest to decarbonise the economy.