Australian billionaire Andrew Forrest in UK ‘green’ hydrogen pledge

Australia’s richest man wants to pour billions of pounds into the UK if the Government throws more taxpayer support behind ‘green’ hydrogen. 

Andrew Forrest, known as ‘Twiggy’, said he could employ thousands of Britons in his projects which could include setting up manufacturing hubs here. 

The Mail on Sunday understands the tycoon met Boris Johnson along with Business and Energy Secretary Kwasi Kwarteng to lobby for green hydrogen, which uses renewable electricity to separate hydrogen from water. 

Game-changer: Andrew Forrest says his projects could employ thousands

Forrest, 60, insists green hydrogen is far more environmentally friendly than other sources of the gas. 

His comments followed the Government’s energy review which laid out plans to accelerate investments in renewable and nuclear power after the invasion of Ukraine highlighted the risks of relying on foreign energy supplies.

In the report, Ministers pledged to double the amount of hydrogen production by 2030. 

Hydrogen is being hailed as a game-changing fuel that could power everything from buses and planes to steel plants and factories. It does not release pollution when burned – unlike coal and gas. 

Forrest last night criticised the Government’s plans to ramp up the development of so-called ‘blue’ hydrogen – which he says is the wrong choice as it is produced using fossil fuels and requires the carbon emissions to be ‘captured’ and stored underground. Companies including BP and Ineos are among the firms behind blue hydrogen projects in the UK.

Forrest dismissed claims that blue hydrogen is clean energy as ‘bulldust’ and ‘straight out greenwashing’. 

He wants green hydrogen to be the Government’s number one priority. Forrest acknowledged the new Government commitments. 

But he is also calling for more detailed information about funding. Last week Ministers said they would introduce contracts that guarantee a price paid for hydrogen power, already used in the UK to encourage investment in wind. 

‘I’m prepared to invest tens of billions of pounds if there are the opportunities,’ he said. 

‘It is encouraging to see green hydrogen is now on the agenda. But burning even more fossil fuel to make hydrogen is just straight out greenwashing.’ 

Forrest, who has a 191ft superyacht called Pangaea, is best known for setting up one of Australia’s largest mining companies, Fortescue Metals Group, in 2003. He also has huge investments in the cattle industry. 

In the UK, Fortescue Future Industries has struck a deal worth billions with Lord Bamford’s JCB – which will buy 10 per cent of Fortescue’s global green hydrogen production and distribute it through Ryze Hydrogen, founded by the peer’s son Jo Bamford. 

An FFI spokesperson said: ‘We are pleased to see the announcement yesterday regarding green hydrogen contract for difference and we will look at the detail very closely. Green energy will give greater energy security to the U.K. while helping the planet and creating new jobs. We look forward to further discussions with the U.K. government.’    

This post first appeared on Dailymail.co.uk