The Australian government has announced the establishment of a A$300-million Advancing Hydrogen Fund that will finance projects focused on growing a clean, innovative and competitive hydrogen industry in Australia.
The fund will back projects that align with priorities under the National Hydrogen Strategy, including in areas such as advancing hydrogen production, developing export and domestic supply chains, establishing hydrogen hubs and backing projects that build domestic demand for hydrogen.
The Advancing Hydrogen Fund will be administered by the Clean Energy Finance Corporation (CEFC) and will provide concessional finance for projects that will support a national hydrogen industry.
Finance Minister Mathias Cormann said the government is drawing on the energy and financial markets expertise of the CEFC, which has invested more than A$7.7-billion in clean energy so far, to help drive investment in hydrogen.