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The Australian government will invest A$300 million ($191 million) into hydrogen projects with the support of low-cost financing, according to the country’s energy minister on Monday. The investment comes in a bid to build the hydrogen industry by 2030.
The move into hydrogen is seen as one of the few areas where both the conservative government and renewable energy advocates agree on.
According to Energy and Emissions Reduction Minister Angus Taylor, the government remains adamant to building a hydrogen industry as it would provide jobs and bolster the economy in the course of a few decades.
The Advancing Hydrogen Fund will be paid for and operated by the Clean Energy Finance Corporation (CEFC). The government-backed corporation will focus on projects that can make the mass-producing of hydrogen a viable option both technically and commercially.
Furthermore, the fund will be working with the Australian Renewable Energy Agency. The agency had previously called for bids pertaining to hydrogen projects that would be backed by A$70 million in grants.
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