$300m hydrogen fund good news for CQ
GLADSTONE is well positioned to benefit from $300 million in funding to develop a national hydrogen industry.
Estimates indicate an Australian hydrogen industry could create more than 8000 jobs and generate about $11 billion a year in GDP by 2050.
State MP Glenn Butcher wants to see funding flow to Central Queensland and called on Federal MPs Ken O'Dowd and Michelle Landry to make the case to the Government.
"Here are three hundred million reasons why those two should go into bat for Central Queensland," he said.
Mr O'Dowd said development was needed to make hydrogen a competitive energy source which the Government wanted to achieve through increased investment.
"If we can achieve such an outcome of having a cheap safe, reliable, clean energy source it will be great for our exports and creating new jobs," he said.
The Advancing Hydrogen Fund is the Federal Government's first financing initiative dedicated to hydrogen projects, and Energy Minister Angus Taylor said regional areas were likely to benefit.
"The Central Queensland area has a good potential to support a hydrogen industry and this is demonstrated by the Government having already backed hydrogen projects in this area," Mr Taylor said.
In welcoming the announcement yesterday, Mayor Matt Burnett said it followed a series of positive signs for hydrogen development in Gladstone.
The city recently hosted a Regional Hydrogen Forum and the State Government has developed a strategy for a competitive hydrogen industry in Queensland.
"Gladstone has been identified as a hydrogen hub and it makes sense," Cr Burnett said.
The port and state development land are considered strong selling points to attract investment.
Two projects were announced at the forum: one to add renewable hydrogen to the gas network and another to build a chemical complex designed to produce ammonia at industrial scale.
The Australian Renewable Energy Agency has also backed projects in the region including $1.91 million for a $3.89 million feasibility study for green hydrogen and ammonia in Moura and $980,000 for a $2.67 million feasibility study of renewable green hydrogen in Moranbah.
The Advancing Hydrogen Fund will be administered by the Clean Energy Finance Corporation and will provide concessional finance for projects that support a national hydrogen industry.
Finance Minister Mathias Cormann said the Government was drawing on the energy and financial markets expertise of the CEFC to help drive investment.