Latest news with #Andrew'Twiggy'Forrest
Sydney Morning Herald
5 days ago
- Business
- Sydney Morning Herald
Trump kills Twiggy Forrest's US green hydrogen dream
Australian billionaire Andrew 'Twiggy' Forrest has terminated a major hydrogen project in the United States as Donald Trump slashes tax breaks for clean energy investments and guts programs aimed at tackling climate change. The Forrest-led Fortescue Metals Group on Thursday said it would not proceed with a $US550 million ($830 million) plan to begin producing zero-emissions hydrogen at a new plant in Arizona, blaming the 'shift in priorities away from green energy' under the Trump administration. 'The lack of certainty and step-back in green ambition has stopped the emerging green energy markets, making it hard for previously feasible projects to proceed,' Fortescue head of growth and energy Gus Pichot said. 'As a result, we cannot proceed with our investments as they stand, and will explore future opportunities for our site in Arizona.' Since returning to the White House, Trump has passed laws to end lucrative tax breaks for wind and solar farms, electric cars and other technologies that would help combat global warming, which he falsely calls a 'hoax', while enacting sweeping measures to make it cheaper and easier for companies to extract more fossil fuels. The cancellation of the Arizona project comes as Forrest continues a years-long campaign to diversify Fortescue beyond its lucrative Western Australian iron ore mines and into the production of green hydrogen, a promising clean energy source that burns cleanly and could eventually help displace the use of coal, oil and gas in heavy industry. While Fortescue insists it remains steadfast in its commitment to green hydrogen, it has been forced to hit the brakes on the speed of its ambitions over the past year, blaming the high cost and the vast amount of renewable energy required. Most of the hydrogen produced across the world today is limited to 'grey hydrogen', made from gas through a process that emits carbon dioxide into the atmosphere.
The Age
5 days ago
- Business
- The Age
Trump kills Twiggy Forrest's US green hydrogen dream
Australian billionaire Andrew 'Twiggy' Forrest has terminated a major hydrogen project in the United States as Donald Trump slashes tax breaks for clean energy investments and guts programs aimed at tackling climate change. The Forrest-led Fortescue Metals Group on Thursday said it would not proceed with a $US550 million ($830 million) plan to begin producing zero-emissions hydrogen at a new plant in Arizona, blaming the 'shift in priorities away from green energy' under the Trump administration. 'The lack of certainty and step-back in green ambition has stopped the emerging green energy markets, making it hard for previously feasible projects to proceed,' Fortescue head of growth and energy Gus Pichot said. 'As a result, we cannot proceed with our investments as they stand, and will explore future opportunities for our site in Arizona.' Since returning to the White House, Trump has passed laws to end lucrative tax breaks for wind and solar farms, electric cars and other technologies that would help combat global warming, which he falsely calls a 'hoax', while enacting sweeping measures to make it cheaper and easier for companies to extract more fossil fuels. The cancellation of the Arizona project comes as Forrest continues a years-long campaign to diversify Fortescue beyond its lucrative Western Australian iron ore mines and into the production of green hydrogen, a promising clean energy source that burns cleanly and could eventually help displace the use of coal, oil and gas in heavy industry. While Fortescue insists it remains steadfast in its commitment to green hydrogen, it has been forced to hit the brakes on the speed of its ambitions over the past year, blaming the high cost and the vast amount of renewable energy required. Most of the hydrogen produced across the world today is limited to 'grey hydrogen', made from gas through a process that emits carbon dioxide into the atmosphere.
Sky News AU
5 days ago
- Business
- Sky News AU
Andrew Forrest's Fortescue scraps Gladstone, Arizona green hydrogen projects, blames Donald Trump for US closure
A major Australian energy and mining company has scrapped two massive green hydrogen projects. Andrew 'Twiggy' Forrest's Fortescue on Thursday informed shareholders the company was ditching its Arizona Hydrogen Project in the United States and its PEM50 Project in Queensland's Gladstone 'following a detailed review'. 'An assessment is underway to repurpose the assets and the land,' the company said. The projects' failure will blow about a US$150m ($227m) hole in the energy and mining giant's financial results. On the US project's failure, Fortescue chief executive of growth and energy Gus Pichot told analysts the shift away from green energy under Trump hurt the project's viability. 'A shift in policy priorities away from green energy has changed the situation in the US,' Mr Pichot said. 'The lack of certainty and a step back in green ambition has stopped the emerging green energy markets, making it hard for previously feasible projects to proceed. 'As a result, we cannot proceed with our investments as they stand, and will explore future opportunities for our site in Arizona.' While the company blamed the collapse on the shift in policy from the Trump administration, the Albanese government has earmarked billions of taxpayer dollars into green hydrogen in Australia. The recent shift away from green hydrogen comes as a blow to Labor's net-zero plans, which include a Hydrogen Production Tax Incentive as part of its Future Made in Australia Act. More than $6.5 billion will go toward the scheme, which provides $2 per kilogram of renewable hydrogen produced between 2027-28 and 2039-40. The policy came a year after Labor announced $2b towards its Hydrogen Headstart program, which looked to invest in large scale hydrogen projects. Fortescue's Gladstone project was originally slated to produce upwards of two tonnes of green hydrogen each day. The company cut about 90 jobs at the Queensland operation in May as it 'refocused' its efforts into the 'research and development of new technologies', a Fortescue spokesperson said at the time. The plant, which has received about $60m in federal and Queensland government support, was opened 12 months ago before Fortescue mothballed the operation around the time of the job cuts. Despite scrapping two of its biggest green hydrogen projects, Fortescue insists it 'continues to advance its green technology product portfolio'. 'Fortescue's Green Energy project pipeline continues to be progressed and refined in a disciplined manner that reflects global market conditions and policy settings,' a statement from the company reads. Sky News' Business Editor Ross Greenwood said making green hydrogen has 'always been uncompetitive' and noted the announcement did not come as a shock. 'It again shows that even though you may have ideals about green hydrogen (and) how wonderful it is, if these things do not stack up economically … you ain't gonna use it,' Greenwood said on AM Agenda. The shutdowns follow Fortescue revealing 700 redundancies in July 2024 in a sweeping restructure of the company that consolidated its mining and energy arms into one division. Mr Forrest has spent years promoting the benefits of green hydrogen, with the company originally planning on producing 15 million tonnes per year by 2030.
Sydney Morning Herald
08-06-2025
- Business
- Sydney Morning Herald
‘There are no rules on the high seas': Australia to play a key role on ocean protections
Australian mining billionaire Andrew 'Twiggy' Forrest will seek to partner with at least three countries to help fund marine protection zones, in a world-first plan to bolster poorer nations' capacity to fight unsustainable fishing practices. Forrest will attend the United Nations Oceans Conference in France on Monday, where he is expected to hold talks with world leaders including French President Emmanuel Macron. 'It's absolutely clear that the world fishing industries are in a race to the bottom, a race to make oceans extinct of life, and that is because it's a rule-less order [on the high seas],' Forrest said. Environment Minister Murray Watt said Australia would play a leading role at the talks, and announced on Sunday that the Albanese government would introduce legislation enabling Australia to ratify the High Seas Biodiversity Treaty. Twenty-eight countries have ratified the treaty, which needs 60 member states to come into force. The UN-led treaty seeks to protect vast swaths of ocean in international waters – covering nearly half the planet – from overfishing. Loading 'All Australians understand the importance of the ocean. It's at the heart of our national identity, and it connects us with our region and the rest of the world,' Watt said. 'Australia is a world leader in ocean protection, working domestically and with our Pacific and Indian Ocean neighbours to protect this precious and incredibly important shared resource.' Just over half Australia's oceans are in marine-protected areas, although only 22 per cent are 'no-take' zones that prevent trawling and other commercial fishing.
The Age
08-06-2025
- Business
- The Age
‘There are no rules on the high seas': Australia to play a key role on ocean protections
Australian mining billionaire Andrew 'Twiggy' Forrest will seek to partner with at least three countries to help fund marine protection zones, in a world-first plan to bolster poorer nations' capacity to fight unsustainable fishing practices. Forrest will attend the United Nations Oceans Conference in France on Monday, where he is expected to hold talks with world leaders including French President Emmanuel Macron. 'It's absolutely clear that the world fishing industries are in a race to the bottom, a race to make oceans extinct of life, and that is because it's a rule-less order [on the high seas],' Forrest said. Environment Minister Murray Watt said Australia would play a leading role at the talks, and announced on Sunday that the Albanese government would introduce legislation enabling Australia to ratify the High Seas Biodiversity Treaty. Twenty-eight countries have ratified the treaty, which needs 60 member states to come into force. The UN-led treaty seeks to protect vast swaths of ocean in international waters – covering nearly half the planet – from overfishing. Loading 'All Australians understand the importance of the ocean. It's at the heart of our national identity, and it connects us with our region and the rest of the world,' Watt said. 'Australia is a world leader in ocean protection, working domestically and with our Pacific and Indian Ocean neighbours to protect this precious and incredibly important shared resource.' Just over half Australia's oceans are in marine-protected areas, although only 22 per cent are 'no-take' zones that prevent trawling and other commercial fishing.
