Today's decision by Origin Energy to abandon its Hunter Valley Hydrogen Hub is the latest in a series of blows to the Albanese Government's crumbling energy agenda. Following on the heels of Fortescue's withdrawal from its own green hydrogen plans, this development further exposes Labor's misguided, all-eggs-in-one-basket renewables-only approach to energy policy.
For all of Albanese's promises about becoming a 'green hydrogen superpower,' it's becoming abundantly clear that these projects are failing to materialise. Despite billions of taxpayer dollars being poured into green hydrogen initiatives, these projects remain grounded.
The fact that major players like Origin and Fortescue are stepping away from green hydrogen only confirms what we've been saying all along: Labor is picking losers, and it's Australian taxpayers who are left to pick up the tab.
The collapse of these projects is not only a blow to Labor's renewable energy goals but also jeopardises Australia's energy security. With green hydrogen off the table in the near-term and looming gas shortfalls, Labor's inability to secure reliable 24/7 baseload energy puts Australia in a vulnerable position.
The Coalition has consistently taken a sensible, technology-neutral approach to energy and that includes hydrogen. If hydrogen is to succeed in Australia, we must be colour blind when it comes to low emissions technologies including blue hydrogen (gas) and pink hydrogen (nuclear).
While hydrogen has a place in Australia's future, no matter how much Bowen evangelises, it is fanciful to think green hydrogen is displacing gas anytime soon.
Labor's over-reliance on green hydrogen was always going to be risky, and now that risk is being realised. As Origin itself admitted, the hydrogen market is developing more slowly than anticipated, with significant technological and cost hurdles still to be overcome.
Anthony Albanese and Chris Bowen's failure to anticipate these challenges is now putting Australia's path to net-zero-and our energy security-at serious risk.
This latest failure demonstrates that, once again, the Coalition's approach is the right one: an 'all of the above' technology-agnostic, balanced energy mix that is focused on energy affordability and security for all Australians.
ENDS
