By Paul Homewood
Green entrepreneur Jo Bamford has joined forces with multi-family office Vedra Partners to launch HYCAP, a hydrogen investment fund which has set its sights on raising £1bn.
The capital, which already stands at more than £200m after the first round of investment, will be injected largely into UK businesses, with the focus on speeding-up green hydrogen production and supply, creating jobs and contributing to the Government’s Net Zero targets.
With the UK hosting COP26 in Glasgow later this year, Mr Bamford said there was no time to wait in order to harness the appetite of sustainably focused investors.
He believed the UK hydrogen sector would need a £1bn injection to help it compete with other territories.
“With the Government’s relentless pursuit of Net Zero targets and the publication of the damning IPCC report, it is our belief that hydrogen holds the key to reducing emissions – and there is a growing sense of urgency to act now,” he explained.
TRANSLATION – Big business wants to gets its hands on obscene government subsidies!
This green hydrogen that Mr Bamford talks about costs five times as much as natural gas equivalent, and in normal circumstances nobody would touch it with a bargepole. That is why the government plans to dish out billions in subsidies via the Contracts for Difference scheme. Under this, producers of hydrogen will be paid a guaranteed, index linked price. The hydrogen will then be sold to the market at much lower prices, with the subsidised difference paid by Joe Public.
If Jo Bamford is so keen to save the planet/create green jobs/being a world leader, then perhaps he should invest some of his family’s billions in green hydrogen instead of asking taxpayers to fund it.
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September 6, 2021 at 11:36AM