Total
0
Shares
NSW MP Dominic Perrottet. Source: Reuters
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • New South Wales Premier Dominic Perrottet announces incentives worth $3 billion dollars as part of the NSW Hydrogen Strategy
  • The multibillion dollar investments can make NSW the largest global producer of hydrogen energy
  • FMG founder and chair Andrew Forrest says FMG and FFI are committed to working with the NSW State Government

Ahead of today’s Federal emission targets, New South Wales Premier Dominic Perrottet has announced $3 billion dollars of incentives as part of the NSW Hydrogen Strategy.

The plan aimed to attract an additional $80 billion dollars in investments in the next three decades. The investments have the potential to make NSW the largest global producer of hydrogen energy.

This is one of the first major decisions the new Premier has made since step-in into the role last week.

“Our major trading partners see hydrogen as part of their energy future, this state has the skills, infrastructure and renewable energy resources to compete globally in this new industry,” Mr Perrottet said.

Treasurer and Energy Minister Matt Kean said the new carbon emission strategy would help NSW’s COVID-19 recovery by boosting the economy.

“Hydrogen will not only help the State halve our emissions by 2030 and get to net-zero by 2050. It will create new opportunities for our heavy industry, and an economic bonanza of investment and jobs,” Mr Kean said.

Forrest in the lead

At this moment, neither FMG nor Future Industries (FFI) its subsidiary company have released official plans for its involvement in the NSW.

However, the FMG chairman Andrew Forrest said he supported more states turning to greener energy alternatives.

“NSW is taking a state leadership position providing clear pathways for how renewable hydrogen can deliver for Australian businesses, Australian jobs, communities, and our children’s future,” Dr Forrest said.

“We are committed to working with the NSW government to support their ambitions and develop green hydrogen hubs together.”

Earlier this week, FFI agreed on building hydrogen electrolysis hubs in Queensland.

More From The Market Herald

" Carbon tax needed to pressure polluters: research

To meet the goals of the Paris Agreement, a price of $50 (A$66.58) to $100 (A$133.15) per tonne of carbon emissions needs...

" Government issues new travel advice ahead of November border reopening

The Department of Foreign Affairs and Trade (DFAT) has issued new travel advice for several countries as Australia’s international borders begin to open

" ACCC challenges Google’s dominance over search engine market

As part of its inquiry into digital platform services, the consumer watchdog is looking to curtail Google’s dominant position in the search engine

" Commonwealth Bank projects first RBA hike in Nov 2022

After boosting its economic outlook in reaction to the nation’s “remarkably high” vaccination rate, Commonwealth Bank has brought forward its projection for the