Fortescue Metals Group has announced it will build a major renewable energy/green industry business with global scale and plans on producing five times the current capacity of Australian energy market with renewables.
The iron ore miner has plans to become a global clean energy giant by targeting 235GW of renewable energy production each year.
The announcement was delivered by Fortescue CEO Andrew Forrest, who appeared via videolink at the Perth-based company’s Annual General Meeting.
Fortescue will establish a new tech industry with zero carbon emissions and has engaged 25 governments to develop potential projects, which will be owned and operated by Fortescue.
47 countries are currently being closely studied by Fortescue for government interest and capability to unlock the potential of a renewable energy/green industry.
Fortescue will commit approximately A$1 billion to go towards decarbonisation, research and development, and technology patents, including:
- Hydropower and Geothermal plant design
- Energy storage chemistry
- Ammonia cracking and production
- Synthetic fertiliser production
- Hydrogen electrolysis membranes
- Green metals production
Fortescue also notes that through scale and innovation in green hydrogen (gH2) production, it aims to deliver lowest cost per unit of energy. Through the Fortescue Future Industries (FFI), Fortescue will grow the gH2 industry by:
- Securing best renewable assets
- Optimising gH2 carrier technology
- Developing first 100GW
- Reducing gH2 energy costs
- Increasing gH2 free cash flow
- Drive increased gH2 demand
- Expand renewable and gH2 capacity
Greenpeace Australia Pacific spokesperson Jonathan Moylan said with Australia’s major trading partners aiming for net-zero emissions, Fortescue’s power pivot makes sense both economically and environmentally.
“Customers are aiming for net-zero emissions, states run by Coalition and Labor leaders are doubling down on clean energy and some of our biggest companies have committed to powering their operations with 100 per cent renewable energy. The momentum towards renewables is unstoppable.”