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					</table><p><a href="https://www.australia.gov.au/" target="_blank" rel="noopener">Australia</a> will invest AU$2 billion (~$1.3 billion) in the &#8220;hydrogen headstart&#8221; program, which aims to support two or three large-scale renewable hydrogen projects to become commercially viable, the government announced in its budget for 2023-24.</p>
<p>The commitment is seen as crucial for manufacturing products like steel and aluminum currently made using fossil fuels.</p>
<p>The government plans to use wind and solar energy to create green hydrogen and aims to have 1 GW of electrolyzer capacity by 2030.</p>
<p>The budget promises a total of $2 billion (~$1.3 billion), but only $156 million (~$105.5 million) will be allocated over the next four years.</p>
<p>The climate change and energy minister Chris Bowen said that the hydrogen commitment would position Australia to take advantage of the technology&#8217;s immense job and investment potential.</p>
<p>Jim Chalmers, the treasurer, said that backing hydrogen would enable cities such as Wollongong, Gladstone, and Whyalla to produce and export renewable energy and green steel.</p>
<p>The budget has assigned approximately AU $4 billion (~$2.7 billion) for renewable energy projects, which adds up to more than AU $40 billion (~$27 billion) of investment in renewable energy.</p>
<p>The funding includes a portion of the AU$15 billion (~$10.1 billion) National Reconstruction Fund that is intended to support green industries.</p>
<p>The budget has earmarked funds for the critical minerals industry, which is required to produce batteries and other green technologies.</p>
<p>A sum of AU $57.1 million (~$38.6 million) has been allocated for a program that focuses on attracting foreign investment into critical mineral projects in Australia.</p>
<p>The government has also announced an AU$1.6 billion (~$1 billion) &#8220;energy savings plan&#8221; as part of the budget, which includes an AU$1 billion (~$676 million) low-cost loan program to fund energy-efficient upgrades for around 110,000 households.</p>
<p>The loans will be used for improvements such as double glazing, solar panels, and other measures that will reduce energy costs and make homes easier to keep cool and warm.</p>
<p>In addition to the loan program, the government is also allocating AU$300 million (~$202.9 million) to improve social housing and another AU$310 million (~$209 million) in tax deductions for businesses investing in renewable energy and energy efficiency.</p>
<p>Last month, the Australian Government said it will <a href="https://www.mercomindia.com/australia-to-green-bonds-program-in-2024" target="_blank" rel="noopener">introduce</a> a sovereign green bonds program in 2024 to enable investors to support public projects driving Australia’s net-zero transition and boosting the country’s green finance market scale.</p>
<p>The Australian government also <a href="https://www.mercomindia.com/australia-new-vehicle-sales-ev-2035" target="_blank" rel="noopener">aims</a> to increase the share of electric vehicles in new light vehicle sales to 30% by 2030 and 100% by 2035 to transition to a decarbonized transport system.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/gautamee-hazarika/" class="vcard author" rel="author"><span class="fn">Gautamee Hazarika</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Picture1.jpg" width="50" /></p>
<p><strong style="text-decoration: underline">Gautamee,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/gautamee-hazarika/" target="_blank" rel="noopener">More articles from Gautamee.</a><br />
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<a href="gautamee@mercomindia.com" target="_blank" rel="noopener">gautamee@mercomindia.com</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Picture1.jpg" width="102" height="102" /><a href="https://mercomindia.com/author/gautamee-hazarika/" rel="noopener">Gautamee</a> is a reporter at Mercom India. Prior to Mercom, Gautamee was working as a multimedia news journalist at ThePrint in New Delhi. She has received her Bachelors in English Honors and Masters in English Literature from St.Stephen&#8217;s College, University of Delhi.<a href="https://mercomindia.com/author/gautamee-hazarika/" rel="noopener">More articles from Gautamee</a></div>
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Australia to Expedite Green Hydrogen Development with $1.3 Billion Funding

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