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.
Mining billionaire Andrew Forrest’s Fortescue will slash 700 jobs and merge its mining and energy divisions, as the company tempers its ambition to be a major producer of the clean fuel hydrogen.
These efforts appear to have found that producing the huge amount of energy required to separate hydrogen from water is extraordinarily costly. He first charged the mine operations with the goal of emitting zero net carbon emissions by 2030, two decades ahead of the two bigger Pilbara miners, Rio Tinto and BHP.
In late 2021, Fortescue targeted zero Scope 3 emissions by 2040 and the production of 15 million tonnes a year of green hydrogen by 2030. That production target has now gone, as has Fortescue’s vast portfolio of hydrogen projects it was pursuing across the globe.
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