A Growing Number of Australian Billionaires Are Investing in the Energy Sector

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Australian billionaires have made significant investments in renewable energy recently. Mining billionaires Gina Rinehart, Andrew Forrest, and Chris Ellison have been some of Australia’s most successful individuals for many years.

They have accrued tremendous wealth through their iron ore mining operations and are now looking to further expand their business interests into the booming renewable energy sector.

Australian billionaires Gina Rinehart, Andrew Forrest and Chris Ellison have amassed a collective fortune of more than $65 billion. The bulk of their wealth has been generated in the iron ore mines of WA, where they have operated large-scale mining operations for many years.

Rinehart is the wealthiest person in Australia, with a net worth of more than $35 billion, while Forrest is not far behind, with a net worth estimated at around $31 billion. Ellison has also built up an impressive portfolio of assets.

“Forrest may be able to successfully grow a business in renewables at the same time as people are extracting huge value from coal and gas assets, and probably for a while, they do co-exist,” said Grattan Institute energy expert Tony Wood.

Gina Rinehart’s energy exposure is primarily concentrated in fossil fuels. She has been an early investor in the European lithium project developer Vulcan Energy Resources (ASX: VUL).

Vulcan Energy Resources is increasing the potential for lithium production from brine aquifers without the environmental concerns of traditional extraction methods that use large amounts of water and hazardous chemicals. The group is focused on producing ultra-low carbon battery-grade lithium hydroxide that meets the requirements of leading electric vehicle manufacturers.

Gina Rinehart has been working on building a coal mining business in Queensland for more than two decades. Still, environmental opposition to fuel has made it increasingly difficult to achieve this goal.

Australian billionaires like Gina Rinehart are using their immense wealth and influence to invest heavily in renewable energy sources. These developments could bring about a much cleaner future for Australia and potentially other countries if they follow suit.

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