Forrest slaps down Taylor's 'gas' branding
Forrest slaps down Taylor's 'gas' branding - Financial Review, 10/6/2021
Peter Ker and Angela Macdonald-Smith Iron ore magnate Andrew Forrest has slapped down federal Energy Minister Angus…
On October 6th, Fortescue Metals Group announced shifting the plant entirely to green hydrogen to achieve its net-zero emission. It urged the government to set a clear target for net-zero emissions 2050. Angus Taylor, the federal Energy Minster, said the natural gas is to help Australia from the COVID-19 recession with the gas-fired recovery concept. The heated debate is around the conflict between increasing fossil fuel use and reaching net zero-emission goals.
Fortescue believes hydrogen could replace coking coal as a reductant in the steelmaking industry and plans to produce "green" hydrogen 15 million tonnes a year using renewable electricity by 2030. This Financial year, Fortescue intends to invest between $US400 million and $US600 million in hydrogen, ammonia and renewables projects and build a green hydrogen business in TAS and WA.
BHP planned to have net zero-emission in its suppliers and shipping providers by 2050, while Rio has pledged to work with customers to reduce emissions across its value chain by 2050. Alcoa, a major producer of bauxite, alumina, and aluminium in Australia, has also been working on how to replace the traditional gas in its power with a more significant proportion of clean energy, such as hydrogen.