Forrest ‘locked and loaded’ for net-zero but does Fortescue have the calibre? | ANALYSIS by PeteMilne4
For a man who wanted to frack Western Australia’s Kimberley for gas a few years ago, Andrew Forrest does not lack in ambition to tackle climate change.
Again, Forrest’s ambitions are huge, wanting to produce 15 million tonnes of green hydrogen a year by 2030. That target is 26,000 times larger than the biggest green hydrogen facility under way in Australia. To bend history Fortescue plans to spend $US6.2 billion . It needs two to three gigawatts of wind and solar power, so potentially more than Australia’s largest power station Eraring. Batteries, transmission lines, and electric-powered trucks add to the bill.
Forrest does not hold back about those who think Fortescue may have bitten off more than it can chew. The first cost bump resulted in the exit from Fortescue of well-respected chief operating officer Greg Lilleyman and two senior project managers.
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