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Mining magnate Andrew “Twiggy” Forrest is standing by his green hydrogen plan after his decision to axe hundreds of jobs cast doubt on the Fortescue Group’s direction. The iron ore miner turned energy firm slashed 700 jobs in a restructure on Wednesday, saying it would ensure the company remained “lean, impactful and agile”. Forrest took to the airwaves on Thursday to explain the move and reassure investors he remained committed to a green energy future.
We just have to work out how to produce it cheaply enough.” ‘Gutted like a fish’ The billionaire philanthropist said the uncertainty created by the wars in Ukraine and Gaza and high costs had made the operating environment tough. “We need lower power prices, hydrogen is directly a function of the electricity cost — if the electricity cost is high, then we can’t make hydrogen cheaply enough to compete with fossil fuels,” he said.
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