The richest billionaire in Australia wants to invest billions of pounds in the UK provided the government supports ‘green’ hydrogen with more taxpayer money.
‘Twiggy’ Andrew Forrest claimed he could employ thousands of Britons in his schemes, which may involve establishing manufacturing centers in the UK.
The tycoon met with Boris Johnson and Business and Energy Secretary Kwasi Kwarteng to advocate for green hydrogen, which separates hydrogen from water using renewable power.
Green hydrogen, according to Forrest, 60, is significantly more ecologically beneficial than traditional hydrogen sources.
After the invasion of Ukraine revealed the hazards of relying on foreign energy supply, the government released an energy review that outlined intentions to boost investments in renewable and nuclear power.
Ministers committed to double hydrogen output by 2030 in the study.
Hydrogen is being heralded as a game-changing fuel that has the potential to power everything from buses and flights to steel mills and industries. Unlike coal and gas, it does not emit pollutants when burned.
Last night, Forrest slammed the government’s intentions to accelerate the development of so-called “blue” hydrogen, which he claims is the incorrect choice since it is made from fossil fuels and needs carbon emissions to be “caught” and stored underground. Blue hydrogen initiatives in the UK are being supported by companies like BP and Ineos.
Claims that blue hydrogen is a clean energy source were criticized by Forrest as “bulldust” and “straight out greenwashing.”
Green hydrogen should be the government’s first goal, he says. Forrest praised the additional pledges made by the government.
He does, however, need more specific financing details. Ministers said last week that they will implement contracts that guarantee a price paid for hydrogen generation, similar to those used in the UK to stimulate wind investment.
‘If there are chances, I’m willing to invest tens of billions of pounds,’ he added.
‘It’s great to see that green hydrogen is now a priority.’ However, burning even more fossil fuels to produce hydrogen is pure greenwashing.’
Forrest, who owns the 191-foot superyacht Pangaea, is best known for founding Fortescue Metals Group, one of Australia’s major mining corporations, in 2003. He’s also got a lot of money in the cattle business.
In the United Kingdom, Fortescue Future Industries has negotiated a multibillion-pound agreement with Lord Bamford’s JCB to acquire 10% of Fortescue’s global green hydrogen production and distribute it through Ryze Hydrogen, which was formed by the peer’s son Jo Bamford.
‘We are glad to see the news yesterday about the green hydrogen contract for difference, and we will look at the details very carefully,’ said an FFI spokeswoman. Green energy will provide the United Kingdom with better energy security while also benefiting the environment and creating new employment. We look forward to continuing our conversations with the United Kingdom’s administration.’
