Twiggy: Green Hydrogen Market Could be Worth $16 trillion by 2050

Mining magnate and one of Australia’s richest men Andrew “Twiggy” Forest has predicted that the renewable hydrogen energy industry could grow to $16 trillion by 2050, “way more than any industry that exists today.”

The claim was made during the Clean Energy Council’s “Infinite” webinar series.

What is Green Hydrogen:

Hydrogen can be extracted from a variety of resources including coal, gas and water. With the two formers not considered green.

Green Hydrogen is hydrogen that is:

• Extracted from water.
• Using an electrical current passed through a tank of water splits the molecule into its two constituent elements.
• The electrical current is produced by renewable energy resources.

The $ Challenge:

Other forms of hydrogen which are not considered green run at a cost of $2 per kilogram. Currently, green hydrogen costs roughly twice that much to produce.

An ANU report from 2020 indicated that within a decade, this cost could come down to $2 per kilogram, making it competitive against fossil fuels.

Quotes:

“If it is not renewable green, don’t be fooled by any other colour coded spin. Any other colour than renewable green is dirty hydrogen.” Andrew Forrest, whose company Fortescue Metals has set the goal of producing 15 million tonnes of renewable energy hydrogen by 2030 through his Fortescue Future Industries.