Mining Billionaire Leads Global Green Hydrogen Push

• Brand-new international body will function to advance hydrogen technology
• Group targets fuel to comprise 25% of energy demand by 2050

Iron ore billionaire Andrew Forrest as well as previous Australian Prime Minister Malcolm Turnbull will certainly spearhead a new worldwide body to advertise higher use of hydrogen created from sustainable sources, targeting a 25% piece of the globe power market by 2050.

The Green Hydrogen Organization, to be referred to as GH2, was revealed in New york city Thursday to accompany environment as well as energy conversations between world leaders at the United Nations. The group will seek to involve with governments to develop power plans that boost need and markets for the fuel, it stated in a record.

"Green hydrogen is the sleeping giant of the energy shift as well as I believe it will have a larger influence on taking on environment change than any other technology," Forrest, chairman of Fortescue Metals Group Ltd. and founding participant of the GH2 Board, said in a statement.

Forrest says his Fortescue company is rotating to become a major clean power manufacturer over the next years, and also is trialling programs that use hydrogen as a substitute for metallurgical coal in the steel-making process.

While hydrogen created from solar and wind power is not presently able to compete on price with fossil fuels as a major resource of energy supply, it is commonly touted as the best future option to decarbonize sectors such as steel, concrete, plant foods, shipping and aviation.

GH2, of which Turnbull will be chairman, will certainly organize a global Green Hydrogen summit in Barcelona following May 2022.