$1 billion commitment to hydrogen

The Labor Party recently released its $1 billion ‘national hydrogen plan’, which it hopes will be able to tap into a $10 billion export opportunity, as well as creating thousands of new blue-collar jobs in Queensland.

Finfeed is reporting the plan would see a national hydrogen innovation hub in Gladstone (about 500km north of Brisbane), designed to spur on the burgeoning energy storage technology that has made its comeback only recently — thanks to advancements made in the capacity to extract hydrogen cheaply, viably and without the process making its own Co2 emissions.

Hydrogen is being touted as a way to bolster the renewables sector by providing a back-up power source for times when wind and solar production ebbs.

Financially, this plan could be a win-win for all involved, because the national hydrogen plan would be primarily funded by the Clean Energy Finance Corporation — a federal green bank.

This would include $40 million for developing carbon dioxide capture and storage resulting from fossil-fuel powered hydrogen production; and $10 million from the Australian Renewable Energy Agency earmarked for developing technology around filling hydrogen-powered cars.

Finfeed reporter Megan Graham states while environmental groups may not be thrilled that $40 million of the funding would be earmarked for hydrogen created via fossil fuels — carbon capture and negative emissions technologies (NETs) are both becoming increasingly high-profile climate change topics.