The NSW Government’s $750 million Net Zero Industry and Innovation Program over the next 10 years will accelerate the transition from carbon-intense to a carbon-neutral manufacturing and mining and support new jobs. [1]
“The program will contribute at least $70 million towards the creation of hydrogen-energy hubs in the Hunter and Illawarra, which will be great for jobs and the environment,” Nature Conservation Council Chief Executive Chris Gambian said.
“The green hydrogen industry has incredible potential, but at the moment it is still in its infancy.
“Just like the rooftop solar sector 10 years ago, it needs government support to get it through the early stages until the industry and the market matures and brings down costs.
“Pumping $70 million into green hydrogen hubs in the Hunter and Illawarra is a smart investment.
“This investment will not only create a new industry in NSW, it will support a whole supply chain of downstream industries like steel and fertilizer with a clean feedstock.
“Importantly, the package includes money for energy-intensive industries like cement and aluminium, sectors that must make a significant contribution if we are going to hit the zero net emissions target by 2030.”
Energy Minister Matt Kean announced on Monday the $750 million program would support research and development into new clean technologies and help existing industries reduce their carbon footprint.
The $750 million in funding will be allocated over 10 years to three key areas:
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$380 million to help industries re-tool with low-emissions technologies;
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$175 million to set up low-carbon industries, including green hydrogen; and,
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$195 million for research and development of new clean technologies.
The Net Zero Industry and Innovation Program dovetails with the government’s Electricity Infrastructure Roadmap, released late last year, which will link new renewable energy zones to the grid and slash the state’s reliance on coal-fired power generation.
References
[1] NSW targets industrial emitters with $750 million decarbonisation push, RenewEconomy, 8-3-21