Australian iron ore billionaire Andrew Forrest announced that he will invest AUD3bn (USD2.19bn) through his company Squadron Energy to acquire a two-stage renewable energy project, as reported by Reuters on February 27. The project will be based in central Queensland and will develop wind, solar, and battery technologies. The first stage of the project will begin operations in 2024, followed by the second stage in 2026. When completed, the project will be able to power 40% of Queensland’s households with wind, solar, and battery energy.
Following his announcement to transform his company Fortescue Metals Group [FMG:AU] into the world’s largest green energy group, Andrew Forrest revealed a plan in October 2021 to produce 15m tonnes of green hydrogen per year by 2030. Fortescue Metals Group plans to spend up to 10% of its yearly after-tax profit on green projects and will seek additional funding from other investors. For this green hydrogen ambition, the EU predicted that the group would require up to USD445bn in investments in electrolyzers, solar, and wind generation. Australia is committed to attaining net-zero carbon emissions by 2050 and expects to invest more than AUD20bn (USD14.56bn) in low-carbon technologies, with solar energy as a top priority. However, the Australian government stated that it has no plans to legislate for carbon neutrality by 2050 and will instead rely on consumers and businesses to help reduce emissions.