Fortescue founder Andrew Forrest is confident Donald Trump will ‘follow the money’ and back green energy should he win back the keys to the White House.
Fortescue founder Andrew Forrest is confident Donald Trump will ‘follow the money’ and back green energy should he win back the keys to the White House.
Speaking on the sidelines of Fortescue’s annual general meeting at Optus Stadium on Wednesday, Dr Forrest said Mr Trump had towed the line between green energy and fossil fuels to date, but that ultimately money would be a deciding factor for policy.
His comments came with Mr Trump looking likely to win the US election for the Republican Party as votes were counted into the early hours of the morning.
“The biggest surge in investment which the US has had has been renewable energy,” Dr Forrest said.
“So he is going to keep that economic engine rolling.
“He is an economic pragmatist, so he is going to follow the money, and the money is going into green energy.”
Dr Forrest said he was confident Fortescue could work with whoever the American people elected, and that he “just wanted to get the election out of the road” so more policy clarity could be provided around the Inflation Reduction Act.
That $US369 billion Act is important for Fortescue’s $550 million Arizona green hydrogen project which began construction in May.
The company has been supportive of the overall policy but has criticised a tax credit system which it argues may reward natural gas production.
Dr Forrest also said whatever happened in the US was unlikely to have too much bearing on China or Australia.
“[China] has so much ready to roll that whichever way it goes, Australia is going to be all right,” he said.
“The biggest trading partner the United States has ever and will ever have is China, so let's not forget that they butter each other's bread.
The annual general meeting itself was a low-key affair.
Agenda items were passed without issue and Dr Forrest used his address to once again hammer home his campaign for real zero – rather than net zero – industrial emissions targets.
Dr Forrest told investors government needed to get behind the switch to green energy, and that Fortescue would be happy to lease its inventions and innovations in the sector to other companies.
“We have had an excellent run with iron ore. Green iron is our next big chapter,” he said.
“The cost of green energy is still a significant challenge here in Australia, and the barrier to getting a green metal industry off the ground which will revolutionize Australia for the next generation, with the help of government.
“I firmly believe we can establish a new green metal industry here in the Pilbara that will serve our country and create jobs for generations.”
Dr Forrest said the “cocky” behaviour of mining machinery providers left them missing out on the biggest equipment order in mining’s history, and they were now paying attention to the $4 billion Liebherr deal announced in September.
