Federal budget 2023: Billionaire Andrew Forrest a likely budget winner with green hydrogen subsidies

Mining magnate Andrew Forrest believes a $2 billion federal funding injection to help accelerate Australia's green hydrogen industry will be just the start, as his company positions to tap into the likely subsidy. Key points: The federal budget includes $2 billion to accelerate the green hydrogen industry Industry wants money delivered via a subsidy, like the United States Big players like Andrew Forrest’s FFI and BP stand to benefit In what is being seen as a response to US President Joe Biden's massive $US370 billion Inflation Reduction Act, Australia's Hydrogen Headstart program has been unveiled in the 2023 budget to support a small number of "large-scale projects" through "competitive production contracts". No longer 'flat footed' Mr Forrest, whose company Fortescue Futures Industry stands to benefit from the funding boost, said the intervention would send a signal to the world that Australia was no longer "flat-footed" on green hydrogen, which he believes is the key to decarbonising the globe. " BP, which is developing three green hydrogen projects in Western Australia, said the $2 billion on the table would make Australia globally competitive and "de-risk" the massive outlay of capital required to start up a new industry.