Fortescue Ltd Abandons Green Hydrogen Initiative

Fortescue Ltd has announced plans to lay off 700 employees and abandon its ambitious green hydrogen project by 2030. The news has led to a significant drop in the company’s share price.

This development has fuelled criticism of the Albanese Government’s support for the initiative, which some are calling another failed venture. Critics argue that Labor has a history of backing unproven and impractical projects, citing examples like Wave Generation in Western Australia and geothermal energy in South Australia.

Detractors claim that the government’s decisions are driven by individuals who have never taken financial risks with their own money but are willing to gamble with public funds. They describe these decision-makers as career politicians and union organizers who have never run a business but have continuously benefited from public resources.

Green hydrogen not dead despite Fortescue retreat, says Bowen

Energy and Climate Change Minister Chris Bowen dismissed concerns over the green hydrogen industry, despite Andrew Forrest shelving a major production project. Bowen highlighted that over $200 billion in ongoing investments in Green Hydrogen will continue, emphasizing that only one company had deprioritized a project. Speaking after a meeting of state and territory energy ministers, Bowen countered claims by Federal opposition energy spokesman Ted O’Brien, who criticized the lack of commitment to increasing gas usage.

Victorian Energy Minister Lily D’Ambrosio acknowledged the need for more gas development due to diminishing supplies. Bowen reiterated that Fortescue was not shortlisted for funding under the Hydrogen Headstart program, which will proceed as planned and if the requires further investment that will be provided. Meanwhile, all ministers opposed the Coalition’s nuclear reactor plans, citing cost and timeline concerns, including Queensland’s Energy Minister Mick de Brenni.