Australia Invests Over $5 Billion to Develop Clean Hydrogen Sector

The government of Australia announced today a series of large-scale investments aimed at boosting the country’s clean energy sector, including plans to invest A$8 billion (USD$5.3 billion) in hydrogen production and technology over the next 10 years. The new investments were announced with the release of the government’s 2024-2025 budget, which also allocated over A$3 billion through the Australian Renewable Energy Agency (ARENA) to support the commercialization of technologies supporting the transition to net zero, and outlined plans to advance the development of the sustainable finance sector. Australia’s clean energy investments follows the establishment into law by the Albanese government in 2022 of Australia’s climate goals, including its targets to reduce greenhouse gas emissions by 43% by 2030, compared to 2005 levels, and to achieve net zero by 2050, and comes as major economies worldwide are gearing up to capitalize on the opportunities to participate in the global transition to cleaner energy systems and industries, with massive energy transition investment plans underway, particularly by the U.S. and the EU. The new investments follow A$4 billion announced in the prior year’s budget to clean energy-focused programs and initiatives, targeting areas including green hydrogen, industrial decarbonization, and residential energy efficiency. Resources: https://www.esgtoday.com/australia-invests-over-5-billion-to-develop-clean-hydrogen-sector/