The DCCEEW said that there are $127 billion worth of hydrogen investments in the pipeline to strengthen Australia’ s position in the sustainable energy space.
The Asia-Pacific Economic Cooperation (APEC) is seeking to strengthen its cooperation to harness clean and low-carbon hydrogen as a source of stable electricity in the region.
During the workshop hosted by APEC Peru 2024, policymakers, industry leaders, and researchers shared their respective experiences, challenges, and opportunities in integrating hydrogen into their energy mix.
Moreover, member economies also discussed their future plans and roadmaps to successfully integrate hydrogen as an alternative source of sustainable energy to ensure stability in the region.
“In the face of the short-term difficulties presented by the energy and climate crisis, our economies have assumed an increasingly decisive role in global trade and renewable energy supply chains,” said Rómulo Mucho, Peru’s Minister of Energy and Mines in his opening remarks.
“At the same time, our economies face the challenge of a transition towards a more sustainable, resilient, and inclusive development.”
Australia’s Department of Climate Change, Energy, the Environment and Water (DCCEEW) said that there are $127 billion (US$85 billion) worth of hydrogen investments in the pipeline to strengthen its position in the sustainable energy space.
These include 15 projects that passed the final investment decision and over 80 announced renewable hydrogen projects.
Last May, the Albanese government announced its intent to back Hysata, a leading renewable energy company, in expanding production of high-efficiency hydrogen electrolysers through a $15 million investment from the Clean Energy Finance Corporation (CEFC).
“Clean, cheap renewable hydrogen is a vital part of a future made in Australia. Manufacturing electrolysers in Australia is a huge opportunity to shore up essential supply chains and leverage our innovation to capture more of the global renewable energy technology chain,” said Minister for Climate Change and Energy, Chris Bowen.
The latest report from the International Renewable Energy Agency (IRENA) said that the global production of hydrogen stands at around 75 MtH2/yr (million tonnes of hydrogen per year) as pure hydrogen and an additional 45 MtH2/yr as part of a mix of gases—mostly used for steel production and heat generation.
“Despite increased attention on clean and low-carbon hydrogen in recent years, its future viability as a clean, low emission energy source remains uncertain,” said Kazutomo Irie, president of the Asia Pacific Energy Research Centre (APERC).
Mucho emphasised during the APEC Peru Summit that challenges remain in transitioning towards a more secure, affordable, reliable, and sustainable energy source.
Recent studies suggested that global energy demand will rise 1 percent to 2 percent per year.
“APEC’s commitment to advancing hydrogen technologies reflects the region’s leadership in promoting innovative solutions to global challenges and driving sustainable economic growth,” said Ariadne BenAissa, lead shepherd for APEC Energy Working Group.