World should goal absolute zero emissions, Australian iron ore mogul says

Article content material

The world must give attention to absolute zero emissions, somewhat than a web zero goal, and use clear hydrogen to get there somewhat than counting on unproven applied sciences reminiscent of carbon seize and storage, Australian iron ore titan Andrew Forrest stated on Monday.

Forrest, who grew Fortescue Metals Group into the world’s fourth largest iron ore miner in lower than 20 years, has turned his consideration to creating inexperienced vitality tasks reminiscent of hydrogen world wide.

Australia’s richest man stated the concept of reaching “web zero” by 2050 – a pillar of the upcoming COP26 local weather summit in Glasgow – was a “smokescreen” that urged local weather change could possibly be solved by burying or offsetting carbon emissions.

Article content material

“It’s not going to occur,” stated Forrest, talking on a panel on the Reuters Impression convention.

“The fossil gasoline trade has lobbied arduous… to get taxpayers to fund their try at a transition to ‘clear’ vitality – on their timetable. However that’s a freeway to local weather catastrophe.”

Of the 60 million tonnes of hydrogen produced yearly, 96% was nonetheless constituted of fossil fuels, Forrest stated. “Inexperienced hydrogen is the answer we have to get to absolute zero,” he stated. Inexperienced hydrogen is constituted of water, utilizing renewable electrical energy, whereas different kinds reminiscent of “blue” hydrogen are produced from fossil fuels.

The Worldwide Vitality Company backed an even bigger position for hydrogen on Monday, saying governments wanted to step up funding in hydrogen manufacturing and storage chains to assist reduce web emissions to zero.

Article content material

The Australian authorities is pushing each hydrogen growth and carbon seize and storage (CCS) to chop emissions, because it views CCS as important to the longer term use of fuel and coal, the nation’s second- and third-largest export earners.

However the 20 pilot CCS vegetation in existence worldwide seize solely 0.4% of the CO2 emitted globally by energy stations and industrial processes, Forrest stated.

To satisfy a web zero emissions goal by 2050, the IEA tasks the world would wish to seize and retailer 7.6 billion tonnes a yr of carbon dioxide by 2050, up from present CCS capability of 40 million tonnes a yr.

“Carbon seize and storage, regardless of having obtained billions of subsidies for many years, stays an unproven failure, removed from business viability,” stated Forrest. To look at the Reuters Impression convention please register right here https://reutersevents.com/occasions/affect/

($1 = 1.3785 Australian {dollars}) (Reporting by Melanie Burton and Sonali Paul in Melbourne; Enhancing by Alex Richardson)