Andrew Forrest, Founder and Executive Chairman of Fortescue, is on a mission for 'real zero' emissions. He shares insights from the BNEF Summit Shanghai about how green hydrogen and green iron are pivotal to sustainable mining. Forrest emphasizes the economic benefits of abandoning fossil fuels and discusses the growing demand for clean transport components in China. He tackles the challenges in the green hydrogen sector and the importance of mental health, advocating proactive strategies for well-being in both personal and professional life.
Fortescue aims for real zero emissions by powering its operations with green energy, merging mining with sustainable practices for profitability.
Green hydrogen emerges as a transformative technology for decarbonization, offering a cost-effective alternative to traditional energy sources like LNG.
Deep dives
Instagram's Commitment to Teen Safety
Instagram is enhancing teen accounts by implementing automatic protections, aimed at creating safer online experiences for teenagers. These new features will regulate who can contact teens and what content they can access, alleviating concerns for parents about their children's online interactions. The introduction of these account safeguards signifies a strategic move by social media platforms to prioritize safety and address growing demands for greater regulation in youth social media use. This initiative reflects a growing recognition of the need for responsible digital environments tailored for younger users.
Fortescue's Green Energy Goals
Fortescue aims for its Australian iron ore operations to be powered by green energy by 2030, striving for zero emissions for Scope 1 and 2 operations while targeting net zero emissions for Scope 3 by 2040. Dr. Andrew Forrest highlights the economic viability of transitioning to green energy systems, pointing out that moving away from fossil fuels can save significant operational costs in the long run. This shift is not merely an environmental necessity but also a profitable investment strategy that positions Fortescue as a leader in green technology and sustainable practices. By merging traditional mining with a focus on clean energy, Fortescue seeks to become a pivotal player in both the mining sector and the green energy landscape.
The Future of Green Hydrogen
Green hydrogen is identified as a key technology for decarbonization, providing a clean alternative energy source amidst global energy challenges. Dr. Forrest argues that the cost of producing green hydrogen is projected to decrease significantly, making it a competitive option against traditional energy sources like LNG. He dismisses carbon capture and storage as an effective solution, emphasizing the purity and economic advantages of hydrogen as an energy carrier. The potential for hydrogen to transform energy markets is positioned as a critical element in the transition to sustainable energy, especially as countries like China and others shift towards greener technologies.
The world is focused on net zero. Yet some companies, like Australian mining giant Fortescue, have set their sights higher, and are now aiming for ‘real zero’. On today’s show, we bring you an interview from the recent BNEF Summit Shanghai, where Fortescue Founder and Executive Chairman Andrew Forrest sat down with Leonard Quong, BNEF’s Head of Australia Research, to talk about green hydrogen, green iron ore, and why real zero is good for people, the planet and the bottom line.
Today’s episode was recorded live at BNEF Summit Shanghai. To learn more about our Summits and to listen to more interviews, please visit https://about.bnef.com/summit/