World News – African Union – Fortescue is planning to start a global green energy campaign

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Melbourne – Australian mining magnate Andrew Forrest outlined ambitious plans Wednesday to build a renewable energy business, aiming to compete with oil giants to provide low-cost green energy globally

Fortescue Future Industries (FFI) has already signed initial deals, as has happened in Papua New Guinea and Africa, and a team from Fortescue Metals Group over two decades into the fourth largest iron ore mining company in the world, has said. Executives are looking for other partners.

“We are building a portfolio of renewable, energy-producing assets around the world,” Forrest, President of Fortescue, told the company’s annual meeting via video link from Paraguay.

He said Fortescue has so far appropriated A $ 1 billion for the project, and also expected off-balance sheet funding to be used.

“Through scale and innovation, we will be able to increase the supply of green hydrogen and green ammonia to deliver low-cost, industrial-scale energy to customers around the world.”

He said that hydrogen and ammonia fuel cells will be used for transportation and shipping, ammonia in fertilizers, and hydrogen also in steelmaking.

Forrest, which has an estimated net worth of $ 17 billion, said the company’s initial target would be 235 gigawatts of installed capacity capacity but did not provide a timeline

Gero Farruggio, head of global renewables at research firm Rystad Energy Farruggio, said such a target would be « very difficult » BP’s main energy company, by comparison, plans to produce 50 gigawatts of renewable energy by 2030

Despite the coronavirus pandemic, Forrest toured the world and said executives visited 23 countries for shortlisted partners and planned to visit 24 more countries, with investments linked to human rights obligations, he said

“We will insist on equal opportunities, achieving equal economic results for boys and girls, because this will lead to increased job opportunities.”

Fortescue, which has committed to its own operations to be carbon neutral by 2040, has accumulated licenses and patents over the past five years to advance its plans

Fortescue posted record net profits of $ 4 74 billion last year as a result of a combination of higher iron ore prices and better margins for its products.

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Fortescue Metals Group, Andrew Forrest, Renewable Energy