Iron ore billionaire Andrew Forrest and former Australian Prime Minister Malcolm Turnbull will spearhead a new global body to promote greater use of hydrogen produced from renewable sources, targeting a 25% slice of the world energy market by 2050.
The Green Hydrogen Organization, to be known as GH2, was unveiled in New York Thursday to coincide with climate and energy discussions between world leaders at the United Nations. The group will seek to engage with governments to establish energy policies that stimulate demand and markets for the fuel, it said in a document.
“Green hydrogen is the sleeping giant of the energy transition and I believe it will have a bigger impact on tackling climate change than any other technology,” Forrest, chairman of Fortescue Metals Group Ltd. and founding member of the GH2 Board, said in a statement.
Forrest says his Fortescue business is pivoting to become a major clean energy producer over the next decade, and is trialling programs that use hydrogen as a substitute for metallurgical coal in the steel-making process.
While hydrogen produced from solar and wind power is not currently able to compete on cost with fossil fuels as a major source of energy supply, it is widely touted as the best future option to decarbonize industries like steel, cement, fertilizers, shipping and aviation.