Which iron ore magnate has more money invested in advancing the energy transition? Green evangelist Andrew Forrest or culture warrior Gina Rinehart? Believe it or not, at this point it’s neck and neck.
Which of Australia’s iron ore billionaires has more money invested in advancing the energy transition? Andrew Forrest, a green evangelist who recently warned that “it’s business which will kill your children?” Or Gina Rinehart, a Trump-supporting culture warrior who’s characterised climate science as propaganda?Resources, Rinehart’s Hancock Prospecting vehicle now has well over $1.28 billion invested in energy-transition materials, including a 19.
How could it be that the climate change denialist is now duking it out with the green evangelist in energy transition spending?Much to his credit, Forrest is using his influence as founder and de facto largest shareholder in Fortescue to put his money where his mouth is. The board has approved a $6.2 billion plan to reduce operational emissions to zero, without using offsets, by 2030.
Nor does the business as a whole look ready for a world putting a price on carbon. If you divide the big miners’ net income by the combined volume of their operational and supply chain emissions, only mining giant Anglo American comes up with a figure higher than the price of carbon allowances in the European Union.
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