There was $7.7m to help implement the government’s “nature repair market” legislation, which is currently before parliament and promises a framework for private investment in biodiversity protection. Plibersek said the EPA would be a “tough cop on the beat”. In Tanya Plibersek’s environment portfolio, the budget included $121m over four years to establish the EPA, and $51.5m for another new body, Environment Information Australia, to provide data on the threatened species and ecosystems. Chalmers said backing hydrogen would mean Wollongong, Gladstone and Whyalla could “make and export everything from renewable energy to green steel”. Sign up for Guardian Australia’s free morning and afternoon email newsletters for your daily news roundupīowen said the hydrogen commitment would “position Australia to take advantage of the immense jobs and investment potential of the technology”. Though the extent of its future role remains unclear, green hydrogen has increasingly been backed by national governments, particularly the US through last year’s Inflation Reduction Act, which included A$527bn for clean energy – a figure so large it has prompted concern it would draw investment away from other countries.

skip past newsletter promotionĠ3:28 What is hydrogen energy? And what's the difference between blue and green hydrogen? | News glossary The budget promises $2bn in total, but only $156m over the next four years. The government said the funding for green hydrogen – created using wind and solar energy – would put the country on track to have 1 gigawatt of electrolyser capacity by 2030. He estimated upgrades would cut energy consumption by about a third for residents of 60,000 social housing homes. The scheme is expected to start next year.īowen said Australia’s social housing stock was particularly poor, having mostly been built before minimum building standards were introduced. It will be worked out by the CEFC and finance providers. The CEFC would partner with banks to upgrade homes with “battery-ready solar PV, modern appliances and other improvements to keep them warmer in winter and cooler in summer”.Įligibility criteria has not been decided. He said $1bn in loans and mortgages would be issued through a “household energy upgrades fund” run by the Clean Energy Finance Corporation. Illustration: Fiona Katauskas/The Guardian

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