Australia invests over $5 billion to boost clean energies in the country

In Australia, ESG Today reported that the government of Australia announced a series of large-scale investments aimed at boosting the country’s clean energy sector, including plans to invest $5.3 billion in hydrogen production and technology over the next 10 years.

The report noted that the new investments were announced with the release of the government’s 2024-2025 budget, which also allocated funds through the Australian Renewable Energy Agency (ARENA) to support the commercialization of technologies supporting the transition to net zero, and outlined plans to advance the development of the sustainable finance sector.

One of the programs introduced in the new budget is a new Hydrogen Production Tax Incentive, providing a $2 incentive per kilogram of renewable hydrogen produced between 2027–28 to 2039–40, which the government estimated will cost $6.7 billion. The budget also allocated $1.3 billion to Australia’s Hydrogen Headstart program, aimed at supporting large-scale renewable hydrogen projects through production credits covering the commercial gap between the cost of producing renewable hydrogen and its market price, the report added.

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