Big Four bank, ANZ, today launched a guide to hydrogen, supporting customers to explore opportunities associated with the emerging sector’s rapid commercialisation.
Under ANZ’s Environmental Sustainability Strategy the commercialisation of hydrogen is a key initiative.
The ‘Hydrogen Handbook’ provides up-to-date and practical information exploring the possible economic benefits from using hydrogen as an alternative, low-emissions fuel with the potential to power vehicles, heat buildings and supply industrial processes.
ANZ has a target to fund and facilitate $50 billion by 2025 to support customers’ transition to a low carbon economy, which includes renewable energy, green buildings and emerging technologies such as hydrogen.
“Hydrogen will play a key role in the decarbonisation of the global economy and presents an immeasurable commercial opportunity,” said ANZ Executive Director – Resource, Energy and Infrastructure and lead author John Hirjee.
“As hydrogen emits no carbon emissions when burnt, it has broad commercial applications across transport, heavy industry and manufacturing,” he said in the statement.
“Australia’s ample wind and solar resources, as well as land mass, means the local industry has a natural advantage and potential to become a key exporter of hydrogen.
Through key trading partners in Asia including Japan and South Korea, who have developed national sustainability plans with hydrogen as a key alternative energy source, ANZ viewed it as a significant opportunity for Australia.
“ANZ is committed to helping customers across the region navigate challenges and the development of new technologies, products and services in the new hydrogen economy,” Hirjee said.
ANZ’s ‘Hydrogen Handbook’ reports on the growing momentum within the public and private sector supporting the development of large-scale hydrogen projects.
Challenges are also noted, including high production costs and the timeframe estimated for commercial production, which means the hydrogen export industry will take some time to develop.