Mining billionaire Andrew Forrest’s Fortescue will slash 700 jobs,as the company tempers its ambition to be a major producer of the clean fuel hydrogen.
A cautionary tale for Australian companies rushing into the clean fuel business:from optimism a few years ago,Yara now finds green hydrogen is a long way away.
Shadow treasurer Angus Taylor lashed $14 billion worth of incentives for green hydrogen and critical minerals companies,claiming it amounted to “handing out billions to billionaires”.
The government is betting big on green technologies and industry to grow local manufacturing.
The Port of Newcastle has paid $13 million so that it is no longer prohibited from competing with Port Botany and can diversify away from coal.
Woodside and Norway’s Yara are targeting injecting more than one million tonnes of carbon emissions a year under the seabed off the Pilbara coast.
The CEO of a major Australian power utility says clean hydrogen could replace gas in power plants within a decade,eliminating the need to go nuclear.
A wind farm backed by Andrew Forrest’s Fortescue and a hydrogen start-up chaired by ex-Woodside boss Peter Coleman have both failed to get planning approvals.
A US-based vehicle maker is set to release a new hydrogen-powered heavy-duty commercial truck designed and assembled in Melbourne.
Australia’s biggest renewable energy project in WA’s Pilbara region has lost the backing of “the millionaires factory” Macquarie Group.
Andrew Forrest’s Fortescue has reported a boost in earnings and profits despite shipments and production of iron ore from its key Pilbara operations falling.