Leaders with Lacqua Goes Green: Fortescue’s Chairman Andrew Forrest
Climate resilienceVideoSeptember 12, 20223 min read
Andrew Forrest, claims his sector needs to lead the way into a greener future. From the mining business into a green powerhouse, isn’t that contradictory? Watch the latest episode of Leaders with Lacqua Goes Green, sponsored by Zurich Insurance Group.
Andrew Forrest, whose nickname is Twiggy, is one of Australia’s richest people and former CEO and now non-executive chairman of Fortescue Metals Group. He earned a fortune in mining and now wants to lead the green energy transition. With his green energy company Fortescue Future Industries he aims for a green energy revolution producing green hydrogen containing zero carbon, from 100 per cent renewable sources to decarbonize the heavy industry, create jobs globally and power the planet.
Hydrogen is one of the most promising ‘future fuels’ that are helping to tackle the climate crisis. Hydrogen is a naturally occurring gas that is also the most abundant element in the universe. It has enormous potential as an environmentally friendly alternative to fossil fuels because it only emits water when it is burned. Hydrogen is also more efficient: the amount of energy produced by hydrogen per unit weight of fuel is three times that produced by the same weight of petrol and nearly seven times that produced by coal.
The effects of climate change are felt around the world, across all industries. Taking steps to mitigate the impact on the climate is vital, but it also makes good financial sense. By taking action now, businesses can lower the risks that come from climate change, and even take advantage of the new opportunities a greener future presents.
The time for action is now. The 2019 report published by Zurich Insurance Group (Zurich) served as a guide for businesses on how to build an informed view of the climate-related exposures, vulnerabilities, and hazards. It provided an update on the latest tools and risk management practices and outlined Zurich’s three-step guide to developing climate resilience strategies. This report looks at how climate change-related risks have evolved, and the response from governments and businesses has progressed in the intervening two years.
In the fourth episode of Leaders with Lacqua Goes Green, sponsored by Zurich, Bloomberg’s Francine Lacqua sits down with Andrew Forrest, Chairman Fortescue Metals Group Ltd for a wide-ranging conversation around his nickname, green energy, greenwashing and the infinity train (Source: Bloomberg). Watch the full video for more insights, which was first aired on September 8, 2022, on Bloomberg.com.
