In terms of green hydrogen investment, nowhere now competes with the US,” Australian mining-magnate-turned-clean-energy-investor Andrew Forest told last week’s FT Hydrogen Summit in London. This follows US President Biden last year signing into law the Inflation Reduction Act which envisages a staggering $783bn of state backing for clean energy including an implied $3/kg subsidy on green hydrogen production.
Mr Forest’s Fortescue Future Industries has previously proposed green hydrogen projects in the Mena region, last September signing an MoU for a whopping 9.2GW project on Egypt’s Red Sea (MEES, 16 September). But, in terms of large-scale export-oriented green hydrogen and ammonia projects, the US is currently the only game in town. “You have to go where the returns are higher… we will invest billions, tens of billions in the US,” he says. (CONTINUED - 3284 WORDS)