Global green energy company Fortescue Future Industries (FFI) welcomes the new European Commission REPowerEU plan to rapidly reduce dependence on Russian fossil fuels and tackle the climate crisis.
FFI has worked hard directly with the EU and bilaterally with EU nations to promote market-based incentives such as carbon contracts for difference schemes and strongly supports the additional support announced today.
The RePowerEU plan comes at a pivotal moment for Europe's dual energy crises. The EU needs to end its dependence on Russian fossil fuels. We also need to take lasting action to save our planet. Green energy, including green hydrogen, is the practical and implementable solution the world needs.
Europeans agree. Eighty five per cent of Europeans believe that the EU should reduce its dependency on Russian gas and oil as soon as possible to support Ukraine. The measures in the REPowerEU Plan can respond to this ambition, through energy savings, diversification of energy supplies, and accelerated roll-out of renewable energy to replace fossil fuels in homes, industry, and power generation.
In particular, FFI welcomes the European Commission plans on contract for difference, policy and financial support for green hydrogen, infrastructure for green hydrogen production, and imports pertaining to green hydrogen. A goal has been set of 10 million tonnes of domestic renewable hydrogen production and 10 million tonnes of imports by 2030, in order to replace natural gas, coal and oil in hard-to-decarbonise industries and transport sectors. We believe this target must be more ambitious, however this is good start.
Speaking from the Green Hydrogen Organisation's Global Assembly in Barcelona, FFI Founder and Chairman Dr Andrew Forrest said green hydrogen, green ammonia and green energy are the only sustainable solution to the energy crisis. Any type of hydrogen made from fossil fuels is part of the problem, not the solution.
"New research released today proves the fossil fuel industry has highly effective disinformation campaigns to promote fossil fuel hydrogen as clean, when it is in fact highly polluting and therefore dangerous to humanity. It is not even low carbon. It is worse than burning the fossil fuels in the first place, as scientists have found. Today's research has found that four out of five people do not realise that "clean hydrogen" is in fact not clean at all. The fossil fuel industry must stop greenwashing.
"The new Green Hydrogen Standard published this week at the first ever Green Hydrogen Assembly addresses exactly this. The only green, "clean hydrogen," is Green Hydrogen, made from renewable resources. FFI support this standard.
"The Russian war on Ukraine and subsequent energy crisis has proven that dependence on fossil fuels is a poor energy strategy. That is not the only crisis on our hands. The climate crisis continues to wreak havoc on our planet, and immediate, lasting action is needed. The solution is here: Green hydrogen.
"We look forward to working with the European Commission on its plan to transition to a green hydrogen economy," Dr Forrest said.
