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Australian Fortescue joins the race for green hydrogen

Mining industry / Australia

Australian mining tycoon Andrew Forrest outlined ambitious plans on Wednesday to create a renewable energy business.

Australian Fortescue joins the race for green hydrogen

Australian billionaire Andrew Forrest, who has transformed Fortescue Metals Group FMG over two decades into the fourth largest iron ore company in the world, said Fortescue Future Industries (FFI) plans to create a renewable energy business in an effort to compete with oil giants for providing affordable green energy to the world.

“We are building a portfolio of renewable energy generating assets around the world,” Forrest said at Fortescue's Annual Shareholders Meeting via video link from Paraguay.

He said the company has so far committed A $ 1 billion (roughly $ 731 million) to the project through 2023 and plans to use additional funding as well.

According to him, hydrogen and ammonia fuels the elements will be used in transport and shipping, ammonia in fertilizers, and hydrogen in steel production.

According to him, the company's initial target will be 235 gigawatts (GW) of installed capacity.

Gero Farruggio, head of renewable energy at research firm Rystad Energy Farruggio, said the goal would be "extremely challenging."

Fortescue, which is committed to achieving zero carbon emissions by 2040, has accumulated licenses and patents over the past five years to fulfill its plans.

Forrest's fortune has tripled over the past year, according to the Australia Financial Review Rich List.

Fortescue posted a record net profit of $ 4.74 billion last year, thanks to a combination of higher iron ore prices and higher margins.

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