AUSTRALIA'S 2023 budget, unveiled on Tuesday evening by Treasurer Jim Chalmers, paves the way for new gas field developments, while recognising that carbon capture, utilisation and storage (CCUS) and low-carbon hydrogen are crucial to meet the nation's net-zero goals. The budget allocated A$2 billion (US$1.32 billion) to accelerate the development of low-carbon hydrogen in Australia - the Hydrogen Headstart programme - and to catalyse clean-energy industries against the backdrop of proposed changes to the Petroleum Resource Rent Tax (PRRT) that are forecast to bring in an extra A$2.4 billion to the Treasury over the next four years. However, many believe the federal government still needs to do more, not least if it wants the best competitive outcome for its hydrogen and CCUS ambitions. The earmarked A$2 billion will not touch the sides of what's required to stimulate the nation's fledging hydrogen industry, according to Flor De la Cruz, Wood Mackenzie's principal research analyst for hydrogen and emerging technologies.
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