The Australian Senate has passed significant legislation known as the Future Made in Australia (Production Tax Credit and Other Measures) Bill 2024, introducing the Critical Minerals Production Tax Incentive (CMPTI) and the Hydrogen Production Tax Incentive (HPTI). The CMPTI allows companies involved in processing critical minerals like copper, lithium, and vanadium to claim 10% expenditure, while the HPTI offers a $2 tax incentive per kilogram of renewable hydrogen produced. Both incentives are applicable for projects initiated between 2027 and 2040, aiming to boost the production of critical minerals and renewable hydrogen in Australia. Fortescue Metals chief executive officer, Dino Otranto, welcomed the HPTI, highlighting the benefits of green hydrogen in reducing carbon emissions from mining and shipping activities. Otranto emphasized that the incentives will drive investment in green hydrogen, promoting competitiveness and scalability in the green hydrogen industry within Australia. The industry's positive response to the incentives reflects a shared goal of achieving decarbonisation and addressing climate change challenges. Overall, the passing of these tax incentives signifies a pivotal moment for Australia's industrial sector, with a focus on sustainable practices and green technologies. The incentives are expected to play a crucial role in advancing decarbonisation efforts and reinforcing the nation's commitment to combatting climate change by fostering a more environmentally friendly and competitive industrial landscape.