H2 Go! NSW open for hydrogen investment
The NSW green hydrogen industry is set to boom with the legislation underpinning the NSW Hydrogen Strategy passing Parliament today.
Premier Dominic Perrottet said NSW is leading the nation in developing a hydrogen industry, which is projected to attract over $80 billion in private investment, support 10,000 jobs and open up new export markets.
“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,” Mr Perrottet said.
“Our hydrogen energy industry will allow us to develop new export markets with our core trading partners, including Japan, creating new jobs in the Hunter and Illawarra, while also helping to secure our energy needs into the future.”
Treasurer and Minister for Energy and Environment Matt Kean said the legislation will allow NSW to capitalise on the growing hydrogen export market, with green hydrogen set to become a leading fuel source in the Asia-Pacific by the end of the decade.
“Our Hydrogen Strategy is expected to increase the size of our economy by more than $600 million each year, while helping the State to halve emissions by 2030,” Mr Kean said.
“Hydrogen will help to reduce our carbon emissions in sectors like heavy transport and industry, create jobs and open up new export markets for NSW.”
The NSW Hydrogen Strategy includes:
- $70 million to develop hydrogen hubs in the Illawarra and Hunter regions;
- Exemptions for green hydrogen production from government charges;
- 90 per cent exemption from electricity network charges for green hydrogen producers, who connect to parts of the network with spare capacity;
- Funding for infrastructure assessments for large-scale production; and
- A hydrogen refuelling station network roll out across the State.
The Energy Legislation Amendment Bill also includes reforms to allow renewable energy projects, like wind turbines, in the State’s softwood pine plantation estate.
“Renewable energy projects will help to create regional jobs, attract investment in the bush and diversify Forestry Corp’s revenue, at the same time as providing sustainable timber supplies for decades to come,” Mr Kean said.
Any forestry land used for renewables would be required to be replaced on a two-for-one basis to ensure the harvestable forestry estate continues to expand.
More information on the NSW Hydrogen Strategy is available here.