Fortescue Metals Chairman Slams Carbon Capture As “Complete Falsehood”

Fortescue Metals Chairman Slams Carbon Capture As “Complete Falsehood” - Carbon Herald
Image: Ivan Marc/Shutterstock

Andrew Forrest, the executive chairman and majority shareholder of Australia’s Fortescue Metals, has unequivocally denounced carbon capture as a misleading strategy in the global energy transition, calling it a “complete falsehood”.

Addressing the prestigious 50th-anniversary gathering of the International Energy Agency last week, the Australian billionaire stressed the urgent need for authentic commitments from political leaders rather than relying on what he referred to as “greenwashing.”

“There’s a simple question from business leaders…when do we stop burning fossil fuels?” Forrest was quoted as saying by Reuters during his speech at the Paris conference.

He emphasized that the investment community requires transparent policies to facilitate the transition away from fossil fuels, with clear disincentives for activities that contribute harm and tangible incentives for those that promote environmental well-being.

With his speech, Forrest challenged the notion that continuing to burn fossil fuels while relying on carbon capture mechanisms represents a viable long-term solution.

Relevant: IEA Report Warns Oil & Gas Companies On Excessive Carbon Capture Reliance

The debate over carbon capture and storage (CCS) has gained prominence globally, with countries like the United States rolling out public subsidies to support CCS projects as part of their green energy initiatives.

However, Forrest cast doubt on the effectiveness of CCS, questioning the reliability of storing captured carbon dioxide (CO2) underground.

“It has only failed for 75 years… It’s a complete falsehood,” he said, slamming carbon capture technology as an ineffective approach and urging policymakers to avoid endorsing it.

Fortescue’s recent announcement of a groundbreaking project to produce green steel on a commercial scale underscores the group’s commitment to innovative, sustainable practices in heavy industry.

Iron and steel production, which accounts for a significant portion of global emissions, has become a focal point in the quest for greener manufacturing processes.

This initiative reflects growing international pressure to decarbonize industrial sectors and align with ambitious climate targets.

Read more: IEA Report Calls For New Policy, Business Approaches To Support CCUS Scale-Up

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Posts
Translate »