New South Wales, the southeastern Aussie state, will look to attract more than AUD 80 billion (USD 58.7bn/EUR 50.8bn) in investments through a new strategy aimed at spurring the green hydrogen sector.
The state government on Wednesday pledged to provide AUD 3 billion of incentives to support the development of hydrogen projects and related infrastructure. The move is part of statewide efforts to enhance the economic post-lockdown recovery and accelerate the shift to zero emissions.
The NSW Hydrogen Strategy sets a goal for the state to produce 110,000 tonnes a year of green hydrogen from 700 MW of electrolyser capacity for less than AUD 2.80 per kg by 2030. The plan will be backed by an AUD-70-million investment to establish hydrogen hubs in the Hunter and Illawarra industrial regions and rolling out a network of hydrogen refuelling stations. Some AUD 78 million will be allocated for what will be the country’s first green hydrogen and gas power plant at Tallawarra.
Furthermore, the state envisages waiving government charges on green hydrogen production and offering a 90% exemption from power network charges for green hydrogen producers.
“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,” treasurer and energy minister Matt Kean said. He added that the strategy is expected to boost the economy by more than AUD 600 million by 2030.
(AUD 1.0 = USD 0.734/EUR 0.635)
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