The economic value of government precompetitive geoscience data and analysis for Australia's hydrogen industry
<div>Hydrogen is expected to be a key driver of the globe’s transition to net zero. </div><div>Australia is investing significantly, across government and business, as it pushes towards scalable and cost-effective hydrogen production. The Australian Government wants to develop and cultivate the domestic hydrogen industry to become a hydrogen superpower – exporting clean energy across the globe. With current expectations that the hydrogen industry could add an additional $50 billion to Australia’s GDP, the industry presents a great opportunity to support economic growth as Australia transitions to net zero (DCCEEW, 2022a). </div><div>However, much of hydrogen production remains unproven commercially at the necessary scale and there are still a lot of unknowns about how to effectively build this industry in Australia. </div><div>Geoscience Australia (GA), as Australia’s national geoscience agency, is undertaking precompetitive geoscience data and analysis to support the hydrogen sector. This includes conducting research and data analysis to lower the risk of exploration for natural hydrogen and salt caverns, the development of tools to support decision-making by hydrogen producers, and economic assessments into the feasibility of green steel production. </div><div>The economic benefits of precompetitive geoscience data and analysis for the hydrogen industry Deloitte Access Economics (DAE) was engaged to identify, quantify and, where possible, monetise the economic benefits of GA’s work across four case studies. </div><div>As hydrogen is a nascent sector, there is little to no current commercial activity. This limits the ability to estimate the full extent of the economic benefits of GA’s work. As the hydrogen industry matures over the next five years, we expect more economic benefits will be realised, particularly as tenement uptake translates into hydrogen production. </div><div>Through analysis of four current case studies, it is evident that GA’s work is providing clarity and confidence to support large-scale investment decisions. Overall, GA’s work has the potential to deliver Australia an important competitive advantage and fast-track development of the local hydrogen industry. </div><div>Hydrogen Economic Fairways Tool (HEFT): found to enable timely and informed decision-making and lower the risk of investing in, and entering, the hydrogen industry. Specifically, the tool provides significant efficiencies for hydrogen companies, saving $30,000 to $50,000 per prospective project in time and reduced due diligence costs. </div><div>GA research on natural hydrogen: expected to have stimulated tenement uptake activity in South Australia, to explore for natural hydrogen. If even just one tenement was taken up as a result of GA’s data, it could be associated with economic benefits of around $22 million to the hydrogen industry, over a ten-year period (2022-23 to 2031-32). </div><div>GA research on salt cavern storage: hydrogen storage can be prohibitively expensive, which can stall the development of hydrogen projects. GA’s research highlighted salt caverns as a cheaper alternative. If just one industry player switched from conventional gas storage to salt caverns, salt cavern storage could lower the cost by $208 million, over ten years. In addition, salt cavern storage could avoid the loss of $4.1 million worth of hydrogen over the same period (2022-23 to 2031-32). </div><div>The techno-economic assessment of green steel production: GA’s research identified cost-effective locations for green steel production, which could be competitive with conventional steel at a carbon price of $148 per tonne of carbon dioxide </div><div><br></div><div><br></div>
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Identification info
- Date (Creation)
- 2023-08
- Date (Publication)
- 2023-08-14T23:59:24
- Citation identifier
- Geoscience Australia Persistent Identifier/https://pid.geoscience.gov.au/dataset/ga/148642
- Citation identifier
- Digital Object Identifier/https://dx.doi.org/10.26186/148642
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Role Organisation / Individual Name Details Publisher Commonwealth of Australia (Geoscience Australia)
Voice Author Deloitte Access Economics
External Contact Editor Czarnota, K.
Internal Contact Editor Feitz, A.
Internal Contact
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Deloitte Access Economics (DAE) was engaged to estimate the economic benefit that Geoscience Australia (GA) delivers for Australia’s hydrogen industry, and the broader economy, through the provision of precompetitive geoscience data and analysis.
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Role Organisation / Individual Name Details Resource provider Minerals, Energy and Groundwater Division
External Contact Point of contact Commonwealth of Australia (Geoscience Australia)
Voice Point of contact Czarnota, K.
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- Geoscientific information
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- Maintenance and update frequency
- As needed
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Product data repository: Various Formats
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Data Store directory containing the digital product files
Data Store directory containing one or more files, possibly in a variety of formats, accessible to Geoscience Australia staff only for internal purposes
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EFTF – Exploring for the Future
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EFTF
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return on investment
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ROI
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Hydrogen case studies
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precompetitive geoscience data
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Deloittes Access Economics
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hydrogen
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Green hydrogen
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hydrogen opportunities
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natural hydrogen
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Hydrogen Economic Fairway Tool
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Salt
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Hydrogen Storage
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- theme.ANZRC Fields of Research.rdf
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Other Earth Sciences
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© Commonwealth of Australia (Geoscience Australia) 2023
Resource constraints
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Australian Government Security Classification System
- Edition date
- 2018-11-01T00:00:00
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- Unclassified
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Australian Government Security Classification System
- Language
- English
- Character encoding
- UTF8
Distribution Information
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Role Organisation / Individual Name Details Distributor Commonwealth of Australia (Geoscience Australia)
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Download the Report (pdf) [13.93 MB]
Download the Report (pdf) [13.93 MB]
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pdf
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<div>This report was commissioned by the Exploring for the Future Program to estimate the economic benefit that Geoscience Australia (GA) delivers for Australia’s hydrogen industry, and the broader economy, through the provision of precompetitive geoscience data and analysis.</div>
Metadata constraints
- Title
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Australian Government Security Classification System
- Edition date
- 2018-11-01T00:00:00
- Classification
- Unclassified
Metadata
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urn:uuid/1a5e4572-ab70-46dd-9f07-a75c973b0fc8
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GeoNetwork UUID
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Role Organisation / Individual Name Details Point of contact Commonwealth of Australia (Geoscience Australia)
Voice Point of contact Czarnota, K.
MEG Internal Contact
Type of resource
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GA Report
Alternative metadata reference
- Title
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Geoscience Australia - short identifier for metadata record with
uuid
- Citation identifier
- eCatId/148642
- Date info (Creation)
- 2023-08-13T23:03:15
- Date info (Revision)
- 2023-08-13T23:03:15
Metadata standard
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AU/NZS ISO 19115-1:2014
Metadata standard
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ISO 19115-1:2014
Metadata standard
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ISO 19115-3
- Title
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Geoscience Australia Community Metadata Profile of ISO 19115-1:2014
- Edition
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Version 2.0, September 2018
- Citation identifier
- http://pid.geoscience.gov.au/dataset/ga/122551