An Aussie mining magnate wants to save the planet with green hydrogen
The head winds are fierce. Hydrogen gas is made by separating water molecules, and producing it typically requires massive amounts of climate-unfriendly natural gas. So far, no one has been able to make affordable hydrogen fuel produced entirely with renewable sources of energy. It requires too much wind or solar power to be practical for mass production. Scientists are racing to change that, with Forrest placing a huge wager on their success bringing green hydrogen to market quickly. Forrest says he will make 15 million tons by 2030, a scale and pace others doubt. The billionaire boasts he will erase fossil fuels from Foscue's operations and supply huge quantities of the new fuel to others. Forrest's vision became a lot less fanciful with the Inflation Reduction Act, the historic climate measure enacted by the United States this summer. It is drawing wealthy investors from around the world to pursue all manner of clean energy projects in the United States. The law promises green hydrogen producers a subsidy unmatched anywhere. That $3 per kilogram could move this curious form of energy out of the lab and into mass production.