For Newcastle, hydrogen is only the beginning. Hunter Renewable Energy Industrial Precinct has the potential to generate $11 billion per year. November 9th, 2021
The Morrison Government’s announcement today that it will co-fund a $3 million feasibility study for a green hydrogen center in Newcastle is a positive first step, but more has to be done to capitalize on an $11 billion export sector boom, according to new energy think tank Beyond Zero Emissions.
“Our modeling suggests that a Hunter Renewable Energy Industrial Precinct would produce $11 billion in income by 2032, create 34,000 new employment, and attract $28 billion in the financing,” stated Beyond Zero Emissions Hunter Project Manager Sam Mella. Renewable Energy Industrial Precincts across Australia may create a new green export market worth $333 billion per year by 2050, nearly double the value of our existing fossil fuel exports.
“The Hunter is undergoing tremendous structural transformation, and a Renewable Energy Industrial Precinct will guarantee that our area has a varied spectrum of companies.” Green hydrogen is critical to realizing this promise since it can be used as an industrial feedstock while also offering grid flexibility.
“A Hunter Renewable Energy Industrial Precinct will draw on the region’s current mining, energy, and manufacturing skills while also fostering the creation of future-focused sectors such as battery production, green chemicals, and green steel and aluminum.”
“Support for Australia’s manufacturing sector must also address renewables and transmission networks to power green hydrogen plants, as well as the production of electrolyzers to make hydrogen.” We currently have the capability to build electrolyzers on a small scale.
“If we continue to build on our industrial capabilities, Newcastle and the Hunter area have a bright future.” It’s truly a case of “back to the future.” Newcastle was established on steel and energy, and we also have a world-class university and strong research capabilities. Newcastle has the infrastructure, the port, the grid to connect renewables, and a skilled workforce.
“We can re-establish ourselves as a leading steelmaker by using renewable energy and addressing the growing international demand for low-emission products.” Molycop is paving the way, producing steel products with 75% reduced carbon intensity. And there’s so much more we can do. Ampcontrol, BME, and 3ME Technology are among the homegrown heroes developing and manufacturing the next generation of mining and defense electric vehicles. Local industrial networks, such as Hunternet, help to foster this collaborative culture by bringing together manufacturers and suppliers to boost the Hunter’s competitiveness.
“By bringing together industry, infrastructure, and renewable energy in Renewable Energy Industrial Precincts, we can accelerate this growth.”
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