Argentina, Australia's Fortescue unveil $8.4 billion green hydrogen investment plan
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.
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The country, as you know, is struggling under a $190 billion public foreign debt (plus $80 billion from from the private sector).
Since this debt can only be serviced in hard currency (mainly dollars), it keeps Argentina "dollar poor" - and thus limits its ability to switch to renewable energies, make buildings more energy-efficient, etc.
It was implemented in Costa Rica in the late 1980s to great success - but Wall Street doesn't like the idea, so it pretty much died on the vine.
That said, this was certainly good news for Fernández, who was unable to accomplish much else at the Rome/Glasgow summits weekend.
Not even a sit-down with Biden, with whom he has much in common ideologically - despite what Biden's Cuban advisers may be telling him.
But it was telling that Macri's 2019 running mate, Miguel "fachetto" (fascist) Pichetto, didn't say or tweet a word about the Fortescue news - given that he opines about everything, and that was mayor of the place where the plant is set to be installed (the small town of Sierra Grande, Río Negro).
He's no dummy: he realizes this was big news.
Thanks as always for reading, considering, and replying, Judi. Have a great week! 
Sierra Grande, Río Negro Province
