New South Wales' USD-58bn hydrogen strategy passes parliament

Source: ARENA (arena.gov.au)

November 22 (Renewables Now) - The parliament of New South Wales on Friday passed legislation that creates a framework for developing the green hydrogen industry, expecting the move to attract over AUD 80 billion (USD 58bn/EUR 51.3bn) in private investment.

The NSW Hydrogen Strategy is planned to enable the southeastern Aussie state capitalise on hydrogen exports and thus expand its economy by more than AUD 600 million annually. Meanwhile, the state is expected to slash by half its carbon footprint by 2030.

The new legislation 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 the rollout of 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. Funding for infrastructure assessments for large-scale hydrogen production is to be disbursed, as well.

The strategy also envisages waiving government charges on green hydrogen production and offering a 90% exemption from power network charges for green hydrogen producers.

“We are leading the nation when it comes to emerging technologies and seizing the opportunity to attract national and global investment in this future industry to grow our economy,” said Premier Dominic Perrottet.

The Aussie state will also adopt reforms to allow the installation of renewable energy capacity in the government-managed softwood pine plantation.

(AUD 1.0 = USD 0.725/EUR 0.642)

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