Federal and state incentives, funding from export credit agencies and banks, and strong demand from Asia should get Australian hydrogen projects off the ground, ANZ bankers say.
Australia’s ambitions to develop a green hydrogen industry have suffered only a temporary setback from the US Inflation Reduction Act, and enjoy positive prospects at the hands of state and federal policies, funding support, and demand from key Asian trading partners.
“That is the way that we’re going to solve effectively the funding need, or certainly the capital commitment that’s required for Australia to build a very significant industry in this space,” Mr Ross said.ANZ has yet to sign on the dotted line to provide financial support to a green hydrogen project, but Mr Easingwood said he expected deals “sooner rather than later” and that the bank had conversations under way with many of its clients around the “bankability” of projects.
The issue for Australian projects was where that sort of offtake sales agreement would come from, Mr Easingwood said, noting options emerging around hydrogen ventures here. Those included fertiliser production in Western Australia, peaking power generation for“Offtake is key and everyone’s questioning where is that going to come from, but I see those offtakes being around the corner,” he said.
“But it’s going to galvanise what’s happening here. So yeah, maybe we did take a step back with the IRA, but we’ve taken a step forward, again, with Hydrogen Headstart.”
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