In a world on the brink of irreversible climate change, green hydrogen has emerged as the cornerstone of a cleaner and more sustainable future. The man leading this revolution is none other than Dr. Andrew Forrest, founder of Fortescue Future Industries (FFI), who recently set the stage at the Financial Times Hydrogen Summit in London.
Established in 2021, FFI has risen as a green energy giant, establishing a global portfolio of renewable energy projects that rivals the scale of oil and gas supermajors. FFI’s objective? To accelerate the transition to zero emissions and develop innovative solutions for industries notoriously difficult to decarbonize.
Dr. Forrest, recognized as a frontrunner in the race to real zero, confirmed at the summit that FFI would be investing tens of billions of dollars into hydrogen projects in the USA, thanks to the Inflation Reductions Act (IRA). The IRA’s simplicity makes it particularly attractive to investors, and in turn, propels FFI’s ambitious ventures.
“Investments in green energy will pay itself back in new investment, in economic growth, and in taxes, every three or four years,” said Forrest, highlighting the multiple advantages that green energy investment presents, including leveraging ready-built US infrastructure.
The future, according to Dr. Forrest, is one where machines make machines – where electrolyzers are fabricated by automation, and renewable energy technologies rapidly mature. As an echo of Elon Musk’s automation vision, Dr. Forrest anticipates a significant reduction in costs.
But the FFI’s vision extends beyond America. FFI is in various stages of investment in the Middle East and North Africa (MENA), South America, and Australia, with final investment decisions anticipated for projects in Australia, the US, Kenya, Brazil, and Norway.
However, Dr. Forrest’s vision is not without its detractors. The founder of FFI firmly believes that Carbon Capture and Sequestration (CCS) is a pipe dream, referring to it as “the newest story for the next old sucker.” He uses Chevron’s failed CCS project in Australia as a prime example, questioning the global government’s relationship with the fossil fuel industry.
“We need to hold our energy giants to account and give us energy that doesn’t harm us, and they’re stalling on that,” said Forrest in response to Financial Times associate editor Pilita Clark.
Dr. Forrest took the occasion to urge governments to implement simple, clear legislation to stimulate investment in green hydrogen. He called out the UK government for “sleepwalking” into the hydrogen future, despite having access to hundreds of gigawatts of clean energy from the North Sea.
Despite some skepticism about FFI’s previously set targets, Forrest countered with: “… cut us a bit of slack.” He recalled that the world had given the oil industry 200 years of slack and trillions of dollars worth of subsidization. The present global crises underscore the urgency to wean the world off fossil fuels and transition to renewable alternatives like green hydrogen.
The stage is set, and the world is watching. With the geopolitical tensions and increasing fossil fuel prices, it is time for an energy revolution. Dr. Forrest, with his relentless push for green hydrogen, could indeed be the harbinger of a new, sustainable era.
