Argentina, Australia's Fortescue unveil $8.4 billion green hydrogen investment plan [View all]

[peppertree]

Australian mining billionaire Andrew Forrest is planning what could be up to an $8.4 billion "green hydrogen" investment in Argentina, the South American country's government announced after a meeting between Forrest and President Alberto Fernández.

Fernández and Forrest met on the sidelines of the COP26 climate summit in Glasgow.

Forrest, 59, whose Fortescue Metals Group Ltd (FMG.AX) aims to become carbon-neutral by 2030, is a major backer of green hydrogen, a zero-carbon fuel made by electrolysis using renewable power to split water into hydrogen and oxygen.

Fortescue is looking at developing the project in Río Negro Province - in Argentina' Patagonia region - with a view to producing green hydrogen on an industrial scale, which the government said would help create over 15,000 direct jobs and 40,000 ones indirectly.

"It is expected to turn Río Negro into a global green hydrogen export hub by 2030," the government said. "This is the most important international investment for our country in the last 20 years."

At: https://www.reuters.com/business/sustainable-business/argentina-fortescue-unveil-84-bln-green-hydrogen-investment-plan-2021-11-01/

Argentine President Alberto Fernández and the CEO of Australian metals giant Fortescue Andrew Forrest, meeting during today's COP26 climate summit in Glasgow.

Fortescue's announced investment would allow Argentina to produce enough green hydrogen to power 250,000 homes by 2024, and 1.6 million homes by 2028.

Renewables (mainly wind and solar power) already make up 11% of Argentina's installed electric capacity.