Further $500 million Investment in Job-Creating, Emission Reduction Projects

The HESC Project welcomes the Australian Government’s additional investment in low emission technologies as part of this year’s federal budget.

The investments will support Australian industry, create jobs, help cut emissions and drive investment while creating a new energy economy in Australia.

As pre-announced by the Energy Minister and the Prime Minister in April, the flagship hydrogen announcement was the establishment of a $1.2 billion Technology Co-Investment Facility.

Of this, $639 million will back low-emissions international technology partnerships and initiatives, by co-funding research and demonstration projects and developing a carbon offset scheme in the Indo-Pacific region. Also included is $263.7 million to support the development of carbon capture technologies and hubs and $275.5 million to accelerate the development of four additional clean hydrogen export hubs and implement a clean hydrogen certification scheme.

The HESC Project Partners are contributing to shaping this certification scheme and are thrilled to see more investment in areas that are critical to commercializing a clean hydrogen economy.

Earlier in May, Energy Minister Angus Taylor also announced more than $100 million in ARENA funding towards three commercial-scale renewable hydrogen projects.

This investment will assist the industry to advance commercial, large-scale hydrogen projects and complement the HESC project’s hydrogen production capacity to the benefit of the entire nascent Australian hydrogen industry.

“It is essential we position Australia to succeed by investing now in the technologies that will support our industries into the future, with lower emissions energy that can support Australian jobs,” the Prime Minister said.

“There is a strong appetite from business for the new emissions reduction technologies that they know will be needed to run their operations and keep employing Australians and grow jobs for the future.”

The HESC Project Partners commend the Australian Government for its visionary policy decisions and look forward to continuing working together with all Government and private sector partners to boost the development of Australia’s hydrogen industry.

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