Andrew Forrest, whose company is a major polluter, has fans in the Biden administration for his audacious plan. But the technology he’s promoting doesn’t exist yet.
DENVER — As the leader of one of the world’s biggest and most invasive iron ore mining operations, Andrew Forrest has done more to propel global warming than some small countries.
“It has let the genie out of the bottle,” Forrest said. It has also pushed the executive into the ranks of the climate billionaires, playing the role of an ambassador for green hydrogen on such prominent stages as the U.N. global climate summit known as COP27, which concluded recently in Sharm el-Sheikh, Egypt.
Fortescue’s intention to produce enough green hydrogen to power the equivalent of 60 million diesel cars by 2030 has sent Forrest around the world, striking tentative deals to build plants and import terminals. The company has committed $6.2 billion, with its plans stretching from the deserts of the Middle East to European industrial zones. The Australian Outback will host facilities, and repurposed coal mines in West Virginia and other states are being scouted.
“Hydrogen has suddenly been recognized as a needed component in the drive to decarbonize,” said Frank Wolak, president of the Fuel Cell & Hydrogen Energy Association. “The Inflation Reduction Act is a kind of accelerator.” The Biden administration is supporting all in the hydrogen color wars, giving the biggest subsidies to those who can produce truly green hydrogen andThe frenzy across the United States to take advantage of the new federal money for green hydrogen brought Forrest together with Colorado Gov. Jared Polis in September to announce a partnership.
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