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2023 Federal Budget Update: Plans for hydrogen investment fund

Melbourne, Victoria

New details have emerged from Hon Chris Bowen’s MP office on the federal government’s plans for hydrogen investment fund in Australia. The 2023 federal budget has allocated half of a $4bn green energy package to accelerate its “modernised” energy economy and bring 1GW of hydrogen capacity onto the system by 2030. The allocation will be distributed via “production credits” through a competitive process, although details remain scarce.

The new REGO or Renewable Energy Guarantee of Origin scheme will work towards certifying the energy and emissions from hydrogen projects with a budget allocation of $38m. We anticipate that these will be run state by state and through auctions, with SA and VIC leading the charge this year. Unsurprising given the high renewable penetration on those states’ grids.

Limited information has been provided regarding the “Net Zero Authority” who received $83m in the 2023 Federal Budget last Tuesday. It is anticipated that they will be working with local state and territory governments and stakeholders to create a net zero roadmap. The executive agency will be established in July and tasked with supporting those in heavy industry to transition into a low carbon economy, assist with policies around this and assist with investment in the regions. No small feat to say the transition is already well underway.

This is a summary article from Edge2020 – read the original article.

The team Edge Utilities are passionate about renewables and sustainability, we are energy brokers with an eye on the planet. We are committed to helping councils and business communities reach their net zero goals through renewable power purchasing agreements (PPAs) and smart portfolio management.
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