Billionaire Andrew Forrest, the chairman of Australia’s iron ore miner Fortescue Metals Group, said that his renewable energy business Fortescue Future Industries (FFI) would focus on providing low-cost green energy globally. Forrest said FFI had signed preliminary agreements such as in Africa and Papua New Guinea while also looking for new partners.
According to Forrest, the company is building a portfolio of renewable assets, including green hydrogen and green ammonia that will be used in the transportation, shipping, steel-making, and fertilizer industries. The company is also aiming for 235GW of installed energy capacity. However, Forrest did not disclose any timeline. For comparison, BP plans to have 50GW of renewable energy by 2030.
Fortescue itself has pledged to be a carbon-neutral company by 2040. The company has been sending executives 23 countries to select partners and shortlists investments. It has also accumulated patents and licenses in the past five years to move forward with its green energy drive. Last year, the company posted a record net profit of $4.74 billion thanks to higher iron ore prices and margins.
