At The Intersection Of Energy And Wealth—Australian Billionaires Stand Tall

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As manufacturers and households brace themselves for an expensive journey, Australia’s two wealthiest people are venturing down separate paths at the intersection of energy transformation. Both roads have distinct outcomes, but all will be revealed in time.

Australia’s Richest 2023

As Gina Rinehart and Andrew Forrest, two of the wealthiest iron ore magnates in Australia, turn their attention to energy investments and ‘green minerals,’ they have increased the speed at which they are advancing into oil and gas as well as renewables.

Making his words a reality, Forrest put forth an astounding $4 billion towards purchasing CWP Renewables and its widespread solar and wind farms– launching him on a mission to help eradicate fossil fuels from our world.

Following the agreement, Dr Forrest commented that families and manufacturers could no longer bear excessive energy costs due to over-reliance on fossil fuels.

“Australia has the heart and spirit to lead the world in taking global leadership on this issue towards a renewable future,” he said.

According to Rinehart, she is investing in gas production so that rising electricity prices caused by misguided environmental policies do not leave pensioners and low-income families with the impossible decision of “heat or eat“. These individuals are suffering from dire consequences due to bad policy decisions.

An unanswered billion-dollar question remains: Will both bets pay off, and if so, for how long? However, Chris Ellison and Mike Cannon-Brookes can agree that the race towards a more sustainable energy future presents an unprecedented monetary opportunity.

Even so, it is unlikely that Rinehart will change its course of action. Hancock’s energy division has reached the brink of acquiring Warrego Energy and its untapped Perth Basin projects, further bolstering their already expansive gas portfolio, including a share of Senex Energy in Queensland.

“It appears that the ultimate response is no in the long run,” he said. “It appears unavoidable that one day there will no longer be oil, gas, and coal; however, the debate lies in when this eventuality may occur.”

This will likely come to pass in the distant future, but Australian billionaires are looking to capitalise on a burgeoning energy opportunity. Clean and renewable fuels have the upper hand over their polluting counterpart–not only from an environmental perspective but from a financial standpoint.

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