Fortescue CEO Calls For Better Green Energy Policies

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Mark Hutchinson, chief executive of Fortescue Future Industries (FFI), recommended that for Australia to make the most of its green energy advantage, the government should strongly consider developing policies that match other countries’ energy policies.

In a session introducing projects Fortescue is considering developing, CEO Mark Hutchinson noted that his recommendation is similar to the chief executives of the top miner BHP Group and Woodside Energy and Santos.

Hutchinson added, “What we would love to see is some incentives being built into a bilateral deal with certain countries, for example, Germany.” The CEO added that Australia should strongly consider mimicking the US Inflation Reduction Act and the incentives it offers.

Many believe the US Inflation Reduction Act is a good policy as several countries have followed suit, including Europe, Canada, the Gulf region, and India. 

Hutchinson added, “The Australian government can help to create a level playing field between fossil fuels and green energy which helps realise Australia’s competitive advantage in green energy production.”

One of the planned projects of FFI is the development of hydropower and geothermal energy capable of generating 300 megawatts. This project is intended to be built in Norway and Kenya and is expected to power electrolysers that will split water and create green hydrogen, which will then be used to make ammonia. Ammonia produced in Norway will be exported to Europe, while local farmers will use production in Kenya as it will be converted to fertilisers.

Another project the FFI intends to become a top-tier clean energy producer in the iron ore sector, as it is expected that the demand for iron ore will skyrocket as trading with China resumes. According to the company, its US project will focus on producing green hydrogen for energy. The company also wishes to start its Belinga Iron Ore project in Gabon by the second half of 2023 to support its projects for green energy.

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