The Australian government has released its 2024 National Hydrogen Strategy, updating its latest 2019 strategy, providing a framework to guide Australia’s production, use and export of hydrogen. The plan consists of increasing global cost competitiveness by supporting industry development at scale. The strategy identifies 4 objectives to focus on: “Supply”, “Demand and decarbonisation”, “Community benefit”, and “Trade, investment and partnerships”.
Among the main targets detailed in the plan are the country’s goal to produce at least 15 Mt/year of hydrogen (with a stretch potential of 30 Mt/year) by 2050, to achieve a base export target of 0.2 Mt/year of renewable hydrogen (stretch potential of 1.2 Mt/year), and to avoid between 93 and 186 MtCO2/year by 2050. The government also expects to expand the monitoring, benchmarking and public reporting of industry development through the annual State of Hydrogen report, a regular planned strategy review for every 5 years.
The Strategy will be backed by production incentives announced in the Government’s AUD22.7bn (US$15.2bn) Future Made in Australia plan, such as the Hydrogen Production Tax Incentive (HPTI) or the expanded Hydrogen Headstart Program.
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