Australian iron ore miner Fortescue Metals Group FMG. Andrew Forrest, founder and Chairman of AX, is launching an expansion in the field of renewable energy aimed at providing low-cost green energy globally, according to a statement on Wednesday.
Forrest, Australia's second-richest person, said the company has so far committed about A$1 billion ($731 million) to a decarbonisation project by 2023 through its Fortescue Future Industries unit.
"We are building a portfolio of renewable assets and energy-producing assets from around the world," Forrest told investors at the miner's annual general meeting.
"With scale and innovation, we will be able to increase the supply of green hydrogen and green ammonia to reliably provide low-cost energy on an industrial scale to customers all over the world," he said in a speech via video link from Paraguay.
Hydrogen and ammonia fuel cells are set up for use in shipping and transportation, with ammonia in fertilizer and hydrogen in steelmaking, he said.
Hydroelectric and geothermal energy investments are also planned.
Forrest said Fortescue executives have visited 23 countries and there are 24 more countries they will see shortlisted partner countries to develop renewable energy investments.
Fortescue, which has committed to making its own operations carbon neutral by 2040, said it has been accumulating licenses and patents over the past five years to advance its plans.
He said the company's initial goal is to have 235 gigawatts of installed energy capacity, which will be cautiously funded and away from Fortescue's balance sheet.
Forrest did not give the project any timeframe that would currently provide more capacity than the world's largest renewable energy companies.
Forrest's net worth tripled from $7.9 billion last year to A$23 billion ($16.8 billion).
The world's fourth-largest iron ore miner made a record net profit of $4.74 billion for 2020, thanks to higher prices for iron ore and better margins for its products.
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