The state has already pledged $70 million to develop hydrogen hubs in the state. Additionally, on Wednesday, the government announced the following incentives:
- Exemptions for green hydrogen production from government charges;
- A 90% exemption from electricity network charges for green hydrogen producers who connect to parts of the network with spare capacity;
- Incentives for green hydrogen production; and
- A hydrogen refuelling station network to be rolled out across the state.
NSW Premier Dominic Perottet, who has ascended to the top job recently after Gladys Berejiklian resigned following the news that the Independent Commission against Corruption was investigating her, said the Hydrogen Strategy would help to attract investment and create more jobs even as the state slowly emerges from a lockdown.
At first blush, it looks like the NSW Hydrogen Strategy was well worth the wait. Real $ that recognise the scale of the opportunity, and substantial and tangible medium term targets. Congratulations @Matt_KeanMP & DPIE team. pic.twitter.com/mqUsJc4T6h— Anna Freeman (@FreeAnna1) October 13, 2021
“Australia has an opportunity to be an energy superpower, New South Wales will lead the country with this hydrogen strategy,” Perrottet said in a statement.
“Our major trading partners see hydrogen as part of their energy future, this state has the skills, infrastructure and renewable energy resources to compete globally in this new industry.”
Treasurer and Energy Minister Matt Kean, a pivotal figure in the state's climate initiatives under Berejiklian, said the strategy, which would provide up to $3 billion in incentives, was forecast to boost the NSW economy by more than $600 million by 2030.
“Hydrogen will not only help the state halve our emissions by 2030 and get to net zero by 2050, it will create new opportunities for our heavy industry, and an economic bonanza of investment and jobs,” he said.
“This strategy is forecast to more than halve the cost of green hydrogen production in NSW and will make NSW the best place to invest in hydrogen in the world.”
The statement said businesses which wished to participate in the hydrogen hubs could submit an expression of interest by the end of the month.