EXORCISING THE OIL CURSE:

According to the IRENA report, Australia is well placed to retain its status as a leading global energy exporter, provided it embraces its renewable hydrogen production potential, even as global demand for fossil fuels dwindle.

Just as fossil fuel resources have long been influential on geopolitical developments, the latest IRENA assessment suggests an emerging hydrogen industry could reshape global political and economic relationships, potentially bringing new participants into the global energy market and reshaping the roles of current energy market powers.

"It is green hydrogen that will bring new and diverse participants to the market, diversify routes and supplies and shift power from the few to the many," director-general of IRENA, Francesco La Camera, said.

"With international co-operation, the hydrogen market could be more democratic and inclusive, offering opportunities for developed and developing countries alike."

The IRENA assessment found that renewable hydrogen could be a much larger focus of international trade compared to fossil fuels, forecasting that as much as 30 per cent of global hydrogen production would be traded across country borders by 2050 - a much larger proportion compared to fossil gas.

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