According to The Australian Financial Review, Fortescue will cut 700 jobs and slow its push into green hydrogen in a blow to the Albanese government’s plan to make Australia a hydrogen superpower supported by more than $8 billion of taxpayer-funded incentives.
Fortescue chairman Andrew Forrest said low carbon “green” hydrogen still had a bright future, but his immediate focus would shift to renewable electricity as he jettisoned a target for Fortescue to produce 15 million tonnes of green hydrogen by 2030. Dr Forrest said lower energy prices were the priority for world leaders at a time when war in Ukraine and the Middle East had roiled commodity markets, driven up the cost of energy and challenged the economics of hydrogen, which is more expensive than natural gas. https://www.afr.com/companies/mining/fortescue-puts-hydrogen-on-backburner-with-700-jobs-cut-20240717-p5jufj
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