One Hydrogen Project Australia Investments have been committed to it, among a wide range of proposed projects with a total value of 266 billion Australian dollars ($ 178 billion), which shows the scale of the challenge it faces in its quest to become a major exporter of clean fuel. carbonnot yet installed.
Meanwhile, investments continue to be pumped into the sector Fossil fuels In the country, oil and gas account for 55 percent of the major projects under development in the natural resource field, according to the latest official figures.
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In recent years, Australia, the world’s second largest exporter of coal and liquefied natural gas, has touted its potential to become a leader in clean energy and a superpower in transition minerals. It is considered hydrogen green, which is produced using sustainable energyessential to this ambition.
The majority of hydrogen feasibility studies have ended in failure, the government said in its Major Resources and Energy Projects Report released on Monday, with developers concluding that the projects are not commercially viable. These projects have so far attracted no investment except for the A$100 million ($67 million) that has been committed.
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“Most feasibility studies conclude that significant government support is still required for low-carbon hydrogen projects to be commercially viable,” the report states.
However, Canberra stressed that hydrogen is a “new field”, adding that “the project landscape is expected to change rapidly”. The report found that if all current bids were to be finalized and financial agreements reached, hydrogen would quickly become Australia’s fastest-growing export industry.
Bet on fossil fuels
Major international companies such as BP, Macquarie Group and Fortescue Metals Group have several plans for ambitious hydrogen projects in Australia.
But so far, big capital is betting on carbon-emitting fossil fuels. New investment in natural gas – which has an established market unlike hydrogen – is booming, attracting A$46 billion in investment. In second place is iron ore, with investments amounting to 10.7 billion Australian dollars, followed by coal, with a value of 7 billion Australian dollars.
Among the minerals that await a bright future as they are required in the fields of renewable energy, electric vehicles and electrical appliances, 4.6 billion Australian dollars have been allocated for new lithium projects in Australia, and 2.3 billion Australian dollars for copper.
The government expects total merchandise export revenue to reach a record A$459 billion ($308 billion) this fiscal year, thanks to higher prices as a result of the war in Ukraine. Coal, iron ore and gas will again dominate these exports.