Mr Taylor announced $300 million for the Clean Energy Finance Corporation last year and instructed it to invest in new hydrogen energy projects – including those powered by fossil fuels. He also committed $70 million for green hydrogen project development through the Australian Renewable Energy Agency.
The government has committed $70 million to help develop a regional hydrogen export hub and Mr Taylor will tell the hydrogen industry it can become a “global partner of choice” for major fuel importers.
Australia has signed agreements with Japan, Korea, Germany and Singapore to investigate hydrogen supply chains to provide those countries with clean fuel, and the Asian Renewable Energy Hub is developing plans for a whopping 26 gigawatt green hydrogen export project in the Pilbara.
Australia’s trade partners are expected to be in the market for clean fuel like hydrogen. About 70 per cent of Australia’s two-way trade is with countries that have net zero commitments. The US, Japan, Britain and South Korea are aiming to be carbon neutral by 2050, and China by 2060.
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