Friday, May 8, 2020

"Australia launching an Advancing Hydrogen Fund, set to become hydrogen exporter"

HT to and headline from the Financial Times' Henry Sanderson.

From the Guardian (Australia):

Government offers $300m to boost hydrogen investment under clean energy financing 
Investment mandate of the Clean Energy Financing Corporation will be changed, but no guarantee hydrogen will be produced from renewables
The Morrison government will change the investment mandate of the Clean Energy Finance Corporation, directing it to make up to $300m available for a new Advancing Hydrogen Fund as part of the national hydrogen strategy.

The Coalition’s move to create a dedicated hydrogen financing fund will be confirmed on Monday, and comes ahead of other changes the government intends to make to the CEFC’s investment program, including requiring it to support new investments in grid reliability.

Requiring the CEFC to support grid stability will require legislative change. It is unclear when that legislation will be introduced, given parliament is currently working on a reduced sitting schedule. The government will need to table a legislative instrument to update the investment mandate to facilitate the new hydrogen fund.

The independent MP Zali Steggall has recently asked the auditor general to investigate the Coalition’s scheme to underwrite gas, hydro and coal power, saying it lacks transparency and citing legal advice that the Coalition had no constitutional or legislative authority to introduce it.
In a joint statement, the energy minister, Angus Taylor, and finance minister, Mathias Cormann, said the CEFC would provide concessional finance for projects to support a national hydrogen industry....MORE
Also tipped by Mr. Sanderson: