Australia has to commit to reducing its carbon emissions


The country’s richest man, Andrew Forrest of Fortescue Metals Group, warned on Monday that Australia risks losing its competitive edge in the green energy revolution if its leaders do not commit to reducing carbon emissions by 2050. (Oct 18).
Mr Forrest, who transformed Fortescue from a tiny to a worldwide mining behemoth in less than two decades, has led his company’s global green energy push, securing agreements in Brazil, Indonesia, and the Democratic Republic of Congo.
Mr Forrest, putting a price on the project for the first time, said the firm plans to build a 250MW hydrogen electrolyser at Bell Bay in Tasmania for less than A$1 billion (S$1 billion) is 25 times the size of the world’s largest existing electrolysers.
Fortescue is poised to make a final investment decision this year, as stated, but is awaiting state government approval before moving further. While Mr Forrest told Reuters that Australia is the ideal site to carry out his green vision, the country’s unwillingness to commit to an emissions-reduction programme jeopardises that advantage.
“I believe Australia’s neutrality in 2050 is a foregone conclusion.”
The dividend flow to regional Australia will be considered if we support it by COP26. “The future will remain unknown if we don’t support it by COP26,” Mr Forrest added, referring to the COP 26 climate summit in Glasgow at the end of October. He described the renewable energy, green hydrogen, green ammonia, and green power industries as “very mobile.”
“They will be the first to be developed since that is where the will is greatest.”
As Prime Minister Scott Morrison prepares to attend the conference, where world leaders will gather to establish new climate targets to follow up on the landmark 2015 Paris Agreement, Australia’s energy strategy is again in the limelight.


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