Labor’s green hydrogen goals have copped a blow after Aussie mining billionaire Andrew Forrest announced 700 redundancies at Fortescue in a sweeping restructure of the company signalling a slowdown of his green hydrogen ambitions.
Sweeping job cuts and a company restructure at Fortescue have spelt trouble for Labor 's green hydrogen goals as the mining and energy giant put its production on the backburner.
Fortescue’s announcement comes as a blow to the Labor government which announced a Hydrogen Production Tax Incentive as part of its Future Made in Australia Act. This came a year after Labor announced $2b towards its Hydrogen Headstart program which looked to invest in large scale hydrogen projects. Despite the cutbacks, Mr Forrest insisted Fortescue was intent on hitting its 2030 'Real Zero' goal - which means the company produces no emissions rather than offsetting its carbon emissions.
"We do not apologise for requesting people leave their corporate culture behind when they join us. Nor will we apologise when we don’t look like everyone else. Our performance is the differentiator."
Andrew Forrest Labor Fortescue
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