Guy Barnett MP
2020-21 Budget: Tasmania set to become a renewable hydrogen epicentre
The 2020-21 State Budget is another important milestone for Tasmania to become Australia’s renewable hydrogen epicentre.
Renewable hydrogen production is an emerging industry but there is no doubt Tasmania is well placed to leverage our competitive advantage and potentially create thousands of jobs, many in regional areas.
The Budget locks in $12 million across the Forward Estimates for the Tasmanian Renewable Hydrogen Development Fund that will help to kick-start the renewable hydrogen industry in Tasmania.
This includes the formation of a Hydrogen Development Unit within the Energy Division of State Growth to support the establishment and growth of hydrogen in Tasmania.
The Budget also includes a further $4 million to support the development of the renewable hydrogen industry in Tasmania.
This is consistent with our goals under the Tasmanian Renewable Hydrogen Action Plan to use our abundant existing and expandable renewable energy resources to commence production of renewable hydrogen by 2022-2024, and to be a global producer and exporter of hydrogen by 2030.
Importantly, Tasmania’s Renewable Hydrogen Action Plan aligns with, and is complementary to the National Hydrogen Strategy.
This includes the announcement that the Commonwealth Government has committed more than $370 million to establish an Australian hydrogen industry.
The centrepiece of the Action Plan is the Tasmanian Liberal Government’s $50 million Tasmanian Renewable Hydrogen Industry Development Funding Program. We have received strong interest from clean energy developers, with 23 applications received to the Funding Program. Successful feasibility studies will be announced in the coming weeks.
Tasmania is in the box seat to deliver renewable hydrogen on a grand scale with the cost of production estimated to be 10 to 15 per cent lower than from any other Australian power grid.