Australia is backing its ambitions to become a world leader in hydrogen exports with a A$300 million ($192 million) fund to promote development of the fuel touted as a cleaner alternative to natural gas.

The Advancing Hydrogen Fund, to be managed by the government’s clean energy financing body, will back projects that develop the fuel both for export to growing markets such as Japan and South Korea, and for building domestic demand.

“Our hydrogen industry has the ability to make a tremendous positive impact both at home and overseas,” said Energy Minister Angus Taylor in a statement. “From cheaper energy bills and job creation in regional Australia, to playing a role in reducing global emissions both at home and in countries that buy Australian produced hydrogen, the industry’s potential cannot be ignored.”

A growing number of hydrogen projects are being developed across Australia, with Infinite Blue Energy last week announcing that it was ready to start work on the biggest plant in the country to date. The fund forms part of the government’s national hydrogen strategy unveiled last year, which aims to grow a billion-dollar-plus export industry by 2030.