According to the prime minister, federal funding for a new hydrogen hub in Queensland will enable carbon-intensive businesses “thrive.”
On Saturday, Anthony Albanese presented the $70 million investment for the Townsville Region Hydrogen Hub program, which the government anticipates will be matched by the private sector.
As a result, a pool of competitive grants totaling $140 million will be created, ranging in value from $30 million to $70 million, and used to launch hydrogen projects in the North Queensland region.
Mr. Albanese stated in Townsville, upon his return to Australia from a two-day trip to Papua New Guinea, “The reason why we’re establishing hydrogen centers around Australia is that the growth and promise of this business isn’t a niche industry.”
This will significantly impact Australia’s economy, in my opinion.
He asserted that it was useless to ignore how the globe was altering and that markets in Europe and the US won’t impose carbon tariffs, or additional fees on goods depending on the amount of carbon emissions they produced.
Or, you can take the initiative, Mr. Albanese suggested.
“Those sectors, and their carbon impact, can be changed so that they become industries that can thrive rather than just survive.”
It is believed that the new projects will produce green hydrogen by employing renewable energy technologies to separate hydrogen molecules from water.
The hydrogen can then be utilized as a fuel that emits no carbon dioxide, which is what causes climate change that is caused by human activity.
According to Mr. Albanese, the Townsville hub will increase employment and strengthen Queensland’s economy.
Australia’s hydrogen business has the potential to contribute $50 billion to the nation’s economy by 2050, while also directly supporting 16,000 jobs and another 13,000 construction opportunities for the green hydrogen industry.
