Australia’s abundant wind and solar energy resources, as well as land mass, put the country in pole position to play a key role in developing a hydrogen export market to key customers in Asia.
The potential to develop a hydrogen economy is real and offers immense commercial opportunities to Australia as the closest potential hydrogen exporter to our trading partners in the Asia-Pacific region.
Energy-intensive Asian countries such as Japan and South Korea have already pledged to reach carbon neutrality by 2050. China has publicly announced an ambition to reach net zero carbon by 206, by reducing its reliance on fossil fuels with renewable energy sources and low-emission alternate fuels such as green hydrogen.
Neighbouring Singapore’s Green Plan includes developing a sustainable hydrogen supply chain from Australia to the island nation.
The commercialisation of hydrogen is a key initiative under ANZ’s Environmental Sustainability Strategy. ANZ has a target to fund and facilitate $A50 billion by 2025 to support customers’ transition to a net zero carbon economy including renewable energy, green buildings and emerging technologies such as hydrogen.
H2 industrial uses
Hydrogen has wide commercial applications in transportation and manufacturing, such as heavy haulage trucking, hydrogen fuel cell-powered vehicles and steel manufacturing.
Hydrogen mobility could be part of the solution to phase out thermal internal combustion engines (ICE) with 113 million fuel-cell electric vehicles on the road by 2050. Heavy haulage trucking is likely to see the first application of hydrogen mobility. While there are a few manufacturers looking at deployment in passenger cars, trucking fleets would be the main use for hydrogen as a fuel.
The switch to hydrogen would save up to 68 million tonnes of fuel and almost 200 million tonnes of carbon emissions, significantly reducing energy consumption and greenhouse gas emissions within the transport sector.
Hydrogen also can be used in fuel cells to efficiently generate electricity for an electric vehicle or can be converted into a denser form, such as ammonia, methanol and synthetic fuel, for use in ICEs.