Most Read from BloombergGovernment incentives of about A$8 billion ($5.4 billion) over the next decade are expected to unlock A$50 billion in private investment, according to an updated National Hydrogen Strategy released Friday.
That would allow annual production of at least 500,000 tons of hydrogen made with renewable energy and minimum exports of 200,000 tons by 2030.
Australia has sought to kick-start the production of green hydrogen — seen as key to cutting emissions in energy-intensive industries such as steelmaking.
“By using our world-leading renewable energy resources to make renewable hydrogen, we can deliver new domestic manufacturing opportunities such as green metals and chemicals, low carbon liquid fuels, and energy exports to our international partners.”Still, the country has struggled to develop a green hydrogen sector.
The government also inked an agreement with Germany that will unlock A$660 million of shared investment in Australian hydrogen projects.

Australia Sees Hydrogen Exports by 2030 in $5 Billion Plan