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Mining Billionaire Spearheads Global Green Hydrogen Push

Iron ore billionaire Andrew Forrest and former Australian PrimeMinister Malcolm Turnbull will spearhead a new global body to promote greateruse of hydrogen produced from renewable sources, targeting a 25% slice of theworld energy market by 2050.

The Green Hydrogen Organization, to be known as GH2, was unveiledin New York Thursday to coincide with climate and energy discussions between world leaders at the United Nations. The group will seek to engage with governments to establish energy policies that stimulate demand and markets for the fuel, it said in a document.

“Green hydrogen is the sleeping giant ofthe energy transition and I believe it will have a bigger impact on tacklingclimate change than any other technology,” Forrest, chairman of Fortescue Metals GroupLtd. and founding member of the GH2 Board, saidin a statement.

Forrestsays his Fortescue business is pivoting to become a major clean energy producer over the next decade, and is trialling programs that use hydrogen as a substitute for metallurgical coal in the steel-making process.

While hydrogen produced from solar and wind power is not currentlyable to compete on cost with fossil fuels as a major source of energy supply,it is widely touted as the best future option to decarbonize industries likesteel, cement, fertilizers, shipping and aviation.

GH2,of which Turnbull will be chairman, will host an international Green Hydrogensummit in Barcelona next May 2022.