Fortescue Metal Group Founder Dr Andrew Forrest AO opined that Australia has the potential to become a global green hydrogen superpower, creating hundreds of thousands of jobs along the way. He wrote “But if that is going to happen, we need to make the right decisions now, as other countries have the same natural advantages we do and the market is finite. Every week, we hear about new green hydrogen projects, from India and South Korea to Brazil and Spain. The world is realising a new industry is about to dawn. I want Australia to do what it does best, lead. But if we want Australia to take advantage of this new industry, we need to stop pouring billions of dollars into fossil fuels, or at least give our emerging green industries the same advantage.He wrote “Fossil fuel subsidies cost Australians $10.3 billion in 2020-21, according to The Australia Institute. If the government truly wants a green economy, it needs to stop giving the fossil fuel industry handouts, or at the very least grant the renewable energy and green hydrogen industry the same advantage. Levelling the playing field won’t double the price of energy or increase taxes because consumers will still use exactly the same amount of energy.”He also said “Don’t misunderstand me. Green hydrogen will be extremely competitive but I haven’t seen many industries succeed when they have to fight against their own Government, which is exactly what is happening when Government funds only one side of the playing field. While green hydrogen might be more expensive than natural gas in 2022, its cost is continuing to decline as technologies emerge and scale, with global analytics and information company IHS Markit estimating production costs have fallen 40 per cent since 2015 – and will fall a further 40 per cent by 2025. By 2030, researchers at the Australian National University forecast green hydrogen will be cost competitive with fossil fuels, with a production cost of $2 per kilogram. But 2030 is going to creep up on us quickly. We must use the next eight years to build and invest in green hydrogen and green energy, not more fossil fuel projects that will continue to drive global warming, pollute our planet and will only become more expensive, not cheaper like green projects.”
Fortescue Metal Group Founder Dr Andrew Forrest AO opined that Australia has the potential to become a global green hydrogen superpower, creating hundreds of thousands of jobs along the way. He wrote “But if that is going to happen, we need to make the right decisions now, as other countries have the same natural advantages we do and the market is finite. Every week, we hear about new green hydrogen projects, from India and South Korea to Brazil and Spain. The world is realising a new industry is about to dawn. I want Australia to do what it does best, lead. But if we want Australia to take advantage of this new industry, we need to stop pouring billions of dollars into fossil fuels, or at least give our emerging green industries the same advantage.He wrote “Fossil fuel subsidies cost Australians $10.3 billion in 2020-21, according to The Australia Institute. If the government truly wants a green economy, it needs to stop giving the fossil fuel industry handouts, or at the very least grant the renewable energy and green hydrogen industry the same advantage. Levelling the playing field won’t double the price of energy or increase taxes because consumers will still use exactly the same amount of energy.”He also said “Don’t misunderstand me. Green hydrogen will be extremely competitive but I haven’t seen many industries succeed when they have to fight against their own Government, which is exactly what is happening when Government funds only one side of the playing field. While green hydrogen might be more expensive than natural gas in 2022, its cost is continuing to decline as technologies emerge and scale, with global analytics and information company IHS Markit estimating production costs have fallen 40 per cent since 2015 – and will fall a further 40 per cent by 2025. By 2030, researchers at the Australian National University forecast green hydrogen will be cost competitive with fossil fuels, with a production cost of $2 per kilogram. But 2030 is going to creep up on us quickly. We must use the next eight years to build and invest in green hydrogen and green energy, not more fossil fuel projects that will continue to drive global warming, pollute our planet and will only become more expensive, not cheaper like green projects.”
