Fortescue, BP back Australia’s $2b bid to become hydrogen superpower

Mining magnate Andrew “Twiggy” Forrest and other developers of large-scale renewable hydrogen projects in Australia have thrown support behind the Albanese government’s $2 billion scheme to kickstart the fledgling industry and boost their ambitions to turn water into fuel.will provide credits per kilogram of green hydrogen production to help bridge the commercial gap between production costs and current market prices, with an aim to support two to three “flagship” projects.

However, significant barriers to green hydrogen’s future as an energy source remain; the biggest being the prohibitively high cost of the technology to produce it compared to hydrogen made from fossil fuels.

“What we are hearing from our customers, particularly in Asia, is that they have extremely strong demand for green hydrogen, very quickly and at very large volumes,” Hanly said. “This program of competitive production contracts assists producers by helping to de-risk significant investments in an important new industry, as well as attract global capital to Australia.”

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