Can A Carbon-Emitting Iron Ore Tycoon Save The Planet?

Andrew Forrest made a mining fortune. Now he wants to lead a climate change revolution — and beat the fossil fuel giants along the way. Andrew Forrest is essentially gambling with the stable mining company, Fortescue, that has made him one of Australia’s richest men. He wants it to become a high-tech start-up producing five times more renewable energy than the Australian power grid and selling hydrogen to the world’s factories and mills. The iron and steel sector emits around 7 percent of the world’s carbon dioxide (more than all of the world’s cars). And unlike coal, it can’t be phased out unless we no longer want new appliances or buildings.  Climate activists were skeptical at first. Now they’re hoping he succeeds.

By Damien Cave. New York Times. October 16, 2021.

Read Full Article →