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KPMG calls for strategic investment in clean hydrogen

KPMG calls for strategic investment in clean hydrogen

KPMG welcomes CSIRO National Hydrogen Roadmap on clean hydrogen opportunities for Australia – launched today.

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There is growing interest in clean hydrogen and its potential as a versatile energy carrier and fuel in Australia according to KPMG Energy and Natural Resources leaders speaking at the KPMG-hosted launch of a new CSIRO Hydrogen Roadmap in Melbourne today. They highlighted the potential for clean hydrogen to enable profound decarbonisation across the energy, transportation and industrial sectors.

Ted Surette, ENR National Leader at KPMG Australia welcomed the milestone release of the Hydrogen Roadmap. He said that the detailed report, which frames the best pathways to achieving an economically sustainable hydrogen industry in Australia, was highly relevant and timely in the current marketplace.

“The Roadmap is the start of a journey requiring strong leadership to enable Australia to develop a market for clean hydrogen – an energy carrier that is becoming more important and competitive by the day,” said Mr Surette, marking today’s launch.

He said that a clean hydrogen industry in Australia could assist in building an already developing sustainable economy, and help with concerns around energy security and meeting emissions targets.

“The global commitments made towards decarbonisation are motivating other countries to look at additional options for energy security. At the same time, technologies across the supply chain are gaining maturity and costs are coming down. That means clean hydrogen is well positioned to be part of the energy solution and Australia can take a leadership stand.”

KPMG Director and hydrogen specialist, Gustavo Gomberg, said that as a flexible energy carrier, hydrogen could transform Australia’s energy and transport markets – but only if it is clean.

“When burned in a fuel cell, the only by-product is water,” said Mr Gomberg “Hence, all the focus needs to be on the production of hydrogen. For this to be clean, hydrogen must be produced from either fossil fuel with CO2 capture and sequestration – or through electrolysis utilising renewable energy. In fact, hydrogen can become the real driver for further acceleration of deployment of renewable projects.”

KPMG’s view is that, through technology, hydrogen can help resolve the intermittency of solar and wind power, reduce curtailment, provide additional storage, and enhance grid stability and reliability.

However, Mr Surette also pointed to the risk side, saying that one of the biggest challenges for Australia’s development of a clean hydrogen marketplace is the lack of infrastructure.

“In its National Hydrogen Roadmap, CSIRO has called for a policy framework that would create a ‘market pull’ for hydrogen. That is a most important call to action which our firm supports,” said Ted Surette.

He said that KPMG was also experiencing increased client interest in hydrogen and confirmed the firm was working on a number of projects with clients and other partners both locally and in the region.

“We believe that, with the collaboration of industry participants, Australian industry, business, and indeed society more broadly would benefit from the measured development of a hydrogen economy.”

For further information

Marjorie Johnston
KPMG
+ 61 407 329 430
mjohnston4@kpmg.com.au
 

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KPMG is a global network of professional services firms providing Audit, Tax and Advisory services. We operate in 154 countries and have 200,000 people working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.

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