Under Prime Minister Anthony Albanese’s proposed legislation, up to A$3bn ($2bn) would be invested in renewable energy and low-emissions technologies. Additional prospective investments include A$1.5bn ($1bn) in medical manufacturing, A$1bn ($672m) for advanced manufacturing, A$1bn in critical technologies, A$500m ($335m) for value-adding in agriculture, forestry, fisheries, food, and fibre.

Hoping to generate a positive return across its investment portfolio, the so-called green fund will not provide grants, but is intended to help attract and secure funding from private sector investments.

In a statement, Albanese, said, “The National Reconstruction Fund will help Australia capture the opportunities of today and tomorrow, building on our natural and competitive strengths to create a future made in Australia. It will help create secure local jobs, boost sovereign capability and diversify our nation’s industry and economy.”

At the Australian Hydrogen Conference in Perth, Dr. Fiona Simon is set to tell delegates that a national approach to building renewables and other vital infrastructure to produce and use hydrogen is critical if Australia is to take a leading role in the global energy transition.

Simon commented, “Becoming a ‘renewable energy superpower’ will boost Australian manufacturing in the long-term, providing an economic and national security benefit. Not only can we export hydrogen, we can use it to manufacture direct reduced iron, alumina and fertiliser, both to decarbonise domestic use and to export to other nations.”

The Hydrogen Council’s Global Hydrogen Flows report found that Australia is likely to become a key exporter of hydrogen and ammonia to Asia by 2050.

Read more: Regional hydrogen supply and demand mismatch will force global trade links by 2050, report predicts

“Economics will favour countries that can transition quickly to low-cost renewables to enable onshore processing and manufacturing for exports. And politics will favour countries like ours that are trusted trading partners, with shared democratic values,” the AHC CEO added.

Looking to develop the fund, the Australian Government has said it is seeking consultation on the fund to help define priority areas of the Australian economy, issuing a consultation paper, administered by an independent board appointed by the Minister for Industry and Science, and the Minister for Finance.