Argentina, Australia's Fortescue unveil $8.4 billion green hydrogen investment plan

[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.

[Hugh_Lebowski]

1. I hope this 'green' hydrogen isn't ACTUALLY being considered to 'power homes'

But rather that's just being used to quantify the amount of power generation in a way a reader understands.

Actually 'powering homes' with Hydrogen is ludicrous.

[peppertree]

2. That's right: it's the power generated by said hydrogen

If all goes well, 1.6 million households may not sound like that much here - but it's over 1 in 10 households in Argentina.

Very à propos, given the Climate Summit being held today in Glasgow.

[Hugh_Lebowski]

3. What I'm saying is literally 'powering households' with hydrogen is ludicrous

So I suspect this is just number they're throwing out to quantify 'amount of energy'.

In reality, they'll probably create fuel cells ... and export them.

[peppertree]

4. Yes. They probably in fact will export a lot of the fuel cells.

They need the hard currency, you know (not so much a poor country, as very dollar poor).

[Hugh_Lebowski]

5. I love a consensus :) nt

[peppertree]

6. +1