The Advancing Hydrogen Fund has up to $300 million available to support the growth of a clean, innovative, safe and competitive Australian hydrogen industry.
Hydrogen has the potential to make a substantial contribution to our clean energy transition, reducing emissions across the economy while underpinning the development of an important domestic and export industry. Renewable hydrogen can enable the deep decarbonisation of notoriously difficult-to-abate sectors, particularly in transport and manufacturing, while accelerating the contribution of renewable energy across the economy.
The Advancing Hydrogen Fund will draw on existing CEFC finance. In line with the CEFC Act, projects seeking CEFC finance through the Advancing Hydrogen Fund are required to be commercial, draw on renewable energy, energy efficiency and/or low emissions technologies and contribute to emissions reduction. Eligible projects can include those which advance hydrogen production; develop export and domestic hydrogen supply chains, including hydrogen export industry infrastructure, establish hydrogen hubs and assist in building domestic demand for hydrogen.
Through the Sustainable Cities Investment Program, the CEFC invests to accelerate the development and deployment of a broad range of clean energy projects in Australia’s 50 largest cities, from Alice Springs with 25,000 people to Sydney, Australia’s largest city, at some 5.1 million people.
In its first three years the Sustainable Cities Investment Program exceeded its $1 billion investment target, with the CEFC committing almost $2.9 billion to some 5,000 Sustainable Cities opportunities at 30 June 2019. This represents total new investment of almost $8.8 billion alongside the private sector. Given the emissions opportunities in Australia’s cities, the CEFC expects to continue to invest in cities-related opportunities.
Reflecting the diverse and vibrant nature of our cities, finance can be used across the urban environment to deliver clean energy benefits to commercial, industrial and residential property; low emissions transport and energy efficient large-scale economic infrastructure; as well as local government, educational and community assets.
The $1 billion Reef Funding Program is financing clean energy projects in the Great Barrier Reef Catchment Area and supporting delivery of the Reef 2050 plan. The CEFC finances clean energy opportunities in a broad range of sectors in the Great Barrier Reef Catchment Area, including agriculture, manufacturing and property.
Our activities are focused on projects that adopt clean energy solutions and we encourage projects with the potential to improve water quality outcomes for the Reef. We’ve identified sugar cane, bananas and grazing as being key production areas where clean energy technologies financed by the CEFC can produce positive water quality outcomes.
Our finance for smaller-scale investment projects includes energy and water-efficient irrigation systems, precision guided on-farm machinery, process and manufacturing equipment upgrades and the retrofitting of heating, cooling and lighting in buildings.
The Australian Recycling Investment Fund can provide up to $100 million in CEFC finance to projects which use clean energy technologies to support waste recycling. The fund has a particular focus on waste plastics, paper, glass and tyres.
CEFC investment commitments through the Australian Recycling Investment Fund align with the principles of the circular economy, which prioritises waste minimisation, as well as the reuse, recycling and reprocessing of waste materials. These measures can reduce landfill volumes and landfill-related emissions.
Waste is responsible for some two per cent of Australia’s emissions, largely from methane gas produced by decaying organic waste in landfills. According to Australia’s National Waste Policy, each year, Australians generate 2.7 tonnes of waste per head, including plastics, paper, glass, metals, textiles, masonry, food and other organic materials.
The CEFC has a strong track record of investing in waste-related projects, as part of its role in accelerating additional investment in Australia’s transition to a low emissions economy.