Australia National Hydrogen Strategy, 2024
Australia’s renewable energy advantages mean the nation is well-placed for export and manufacturing opportunities in the energy transformation.
For example, the global hydrogen market is forecast to reach US$1.4 trillion in 2050. This includes around US$280 billion of interregional trade.3 Australia must
capture the significant economic opportunities that are becoming available.
Australian hydrogen can be exported as an energy carrier to countries less able to generate renewable
electricity. It can also be exported through low-emissions products that have been manufactured
locally using hydrogen as a chemical or heat input to the production of green metals, ammonia and low-carbon liquid fuels.
Focusing on large-scale export and manufacturing industries will help bring down the cost of producing
renewable hydrogen in Australia. It will also support our national emissions reduction goals. Hydrogen will
play a role in decarbonising existing hard-to-abate sectors such as long-haul transport and aviation.
It could also potentially support power generation. Under the production targets in this strategy,
Australian hydrogen could avoid emissions of between 93 and 186 million tonnes of CO2 per year by 2050.