Huge amounts of cash 'thrown around' for hydrogen projects

The Australian’s Resources Writer Nick Evans says the concern some investors have with Fortescue’s involvement in signing projects to make hydrogen is if they were "so good, you might argue they would have been built already".

It comes as Fortescue Metals Group chairman Andrew Forrest has signed several projects to create hydrogen with renewable energy but investors are concerned over a few issues such as the cost to construct the many projects.

Mr Forrest has admitted to shareholders it would cost hundreds of billions of dollars to turn Fortescue into a green energy powerhouse.

“The total that I got to, and we’re probably under rather than over to be honest, is about US$146.5 billion, which let's call it $195-200 Aussie dollars, billion,” Mr Evans told Sky News host Andrew Bolt.

He named a few of Mr Forrest’s projects, such as US$80 billion for the Grand Inga project in Democratic Republic of the Congo, which involves building dams and a hydro-electric project.

“I mean these are huge figures that have been sort of thrown up and thrown around.

“You’re still talking about hundreds, and hundreds of billions of dollars when we’re done.

“These are in very difficult jurisdictions; not many companies want to go into a business in DRC, for example.”

Видео Huge amounts of cash 'thrown around' for hydrogen projects канала Sky News Australia