The NSW green hydrogen industry is set to boom with the legislation underpinning the NSW Hydrogen Strategy passing Parliament today.
Following the release of NSW Hydrogen Strategy in October 2021, the legislation underpinning the NSW Hydrogen Strategy has been approved by the parliament on Friday, 19 Nov 2021, paving the way for as much as $80 billion in private investment and the creation of new green industries. NSW Premier, Dominic Perrottet said that "NSW 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." The Parliament unlocked the $70 million in government investment for the creation of two new hydrogen hubs in the Illawarra and Hunter regions, as well as significant concessions from government fees for green hydrogen producers.
The NSW government expects that the Hunter and Illawarra hydrogen hubs will include the production of renewable supplies of hydrogen, as well as its use in the decarbonisation of industrial operations – such as the production of green steel – and in the production of products suitable for export, such as green ammonia. With the growing international demand for green hydrogen as well as utilisation of renewable hydrogen in other hard to abate sectors including transport and energy sector, the strategy establishes goals to cut the cost of renewable hydrogen production by $5.80 per kg over the next decade and deliver up to $3 billion in state government incentives to support the industry's growth.
Read the full media release here.