ESG Today writes that 2.7 billion USD from Australia's state budget was allocated towards green and sustainability-focused projects, some of those being the decarbonization of industries, increased energy efficiency and, of course, green hydrogen production.

One of the national sustainability goals introduced last year by the Albanese government is the effort to reduce greenhouse gas emissions by 43% before the next decade compared to 2005 data.

Australian Treasurer Jim Chalmers and Minister for Climate Change and Energy Chris Bowen stated that "this critical new investment is all about making Australia a global leader in green hydrogen, as competition for clean energy investment accelerates around the world."

While hydrogen could be one of the fuels of a green future world, out of the 90 million tons or so that are being produced on an annual basis, most of it comes from fossil fuels. Green hydrogen, by contrast, is produced using renewable energy and thus, it has close to a net-zero footprint.

Australia's 1.4 billion USD program aims to advance the country's green hydrogen production industry towards the 1GW capacity by 2030, which should be achieved with the help of 2-3 flagship production units.

Additionally, another 670 million USD will be used for decarbonization of various industries and some 400 million USD will go towards improving businesses' energy efficiency.