Will Australia dodge its energy 'Kodak moment'?

In the budget, the Feds promised $2bn for hydrogen.

Energy Minister Chris Bowen says hydrogen is the key to Australia dodging its 'kodak moment'. But what does that actually mean?

"You've all heard of a Kodak moment," Bowen said. "Kodak forgetting that it was an image company...and thinking they were a film company. "And they no longer exist"

"And if we think we're a coal and gas country, not an energy country, we'll make that kodak mistake."

Bowen's point was that Australia should be an energy powerhouse, not a fossil-fuel powerhouse. He called the $2bn a "downpayment" on Australia's energy investments.

Responding to the Inflation Reduction Act

In the same speech, Bowen said the investment was part of Australia's response to US President Joe Biden's landmark act, which included major energy investments. “Does it match the Inflation Reduction Act? It doesn’t need to,” Bowen said. “It needs to keep us in the game."

The money will be allocated through a competitive process led by ARENA. Bowen said he hopes the funding will make Australian green hydrogen competitive.

Australia's $300bn green hydrogen pipeline

The new State of Hydrogen Report showed that Australia had one of the largest green hydrogen pipelines in the world - worth around $300 billion. But Bowen warned those projects could be lost to the US without further support. He is expected to announce further support later this year.

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