Mining giant Fortescue says Big Oil is getting it wrong on renewables: ‘Your customers want green energy’

Published

9 months ago

March 24, 2025

admin

Fortescue Metals Group non-executive Chairman, Andrew Forrest, speaks during a Sustainability Week conference in London on March 11, 2025.

Adrian Dennis | Afp | Getty Images

Australian mining tycoon Andrew Forrest, founder and executive chairman of Fortescue, says Big Oil is getting it wrong on renewables — at a time when European energy majors are doubling down on fossil fuels to boost near-term shareholder returns.

Britain’s BP and Norway’s Equinor have both recently outlined plans to slash renewable spending in favor of oil and gas. London-listed Shell, meanwhile, has also scaled back green investment plans.

U.S. oil majors such as Exxon Mobil and Chevron, which have outperformed their European rivals in recent years, have typically advocated for transition options such as carbon capture and storage and hydrogen, rather than for renewable technologies like wind and solar.

“I’ve always found that the customer is always right, which is why we’re going renewable and moving away from oil and gas because our customers are saying, ‘we want energy but not at any cost, and if you can give us green energy at the same price as dirty [energy] then we are going to buy green every day.’ That’s my job, and that’s Fortescue’s job,” Forrest told CNBC’s “Squawk Box Europe” on Monday.

“You’ve got data centers popping up all over Europe and they want green energy if they can get it. They’ll take dirty [energy] if they can’t, sure. That’s Exxon Mobil’s and Total‘s argument, ‘well, we’re just doing what the customers want.’ Actually, you’re not. Your customers want green energy,” Forrest said.

“Well, if [the] oil and gas [industry] doesn’t want to supply green energy, guess what, Fortescue will,” he added.

Fortescue, which is the world’s fourth-largest iron ore miner, has outlined plans to stop burning fossil fuels across its Australian iron ore operations by the end of the decade — and urged other hard-to-abate companies to follow suit.

A hydrogen-powered haul truck, right, at the Fortescue Metals Group Ltd. Christmas Creek mine in the Pilbara region of Western Australia, Australia, on Tuesday, Oct. 17, 2023.

Bloomberg | Bloomberg | Getty Images

Spokespeople at Exxon Mobil and TotalEnergies were not immediately available to comment when contacted by CNBC on Monday.

Last year, Exxon Mobil said that it expects fossil fuels to make up more than half the world’s energy mix in 2050 despite efforts to transition away from oil and gas. TotalEnergies, meanwhile, has been something of an outlier among its European peers, continuously investing in low-carbon technologies as it pursues a “multi-energy” offering.

Lindsey Stewart, director of investment stewardship research and policy at Morningstar Sustainalytics, on Monday said that it appears as though the majority of shareholders in the energy supermajors “have decided that cash is king, at least in the short term.”

“They’ve gotten used to a steady stream of cash in the form of dividends and share buybacks over recent years and they appear to want management to prioritise cash in the short term over longer term energy transition goals,” Stewart told CNBC via email.

“Management at some of the European companies, BP and Shell in particular, have responded by reducing intended investments in capital intensive renewables projects in favour of unlocking cash from fossil fuel assets. None of which is good news for those seeking an accelerated, orderly transition toward lower carbon energy sources,” he added.

Separately, Espen Erlingsen, head of upstream research at Rystad Energy, said European oil giants like Shell, BP and Equinor had “increasingly aligned their strategies” with those of their American counterparts in recent years.

“As a result, the energy transition is unlikely to be driven by the large oil and gas firms. Instead, it will likely be regional, power-focused companies that lead the way,” Erlingsen said.

‘Short-term thinking’

Asked about how he feels about the trend of U.S. corporates backtracking on environmental, social and governance (ESG) goals, Fortescue’s Forrest said these decisions reflect a push to prioritize quarterly earnings targets and executive bonuses over future success.

“It’s very short-term thinking to pull back on climate goals because guess who’s not listening to you, guess who doesn’t care, guess who’s much more powerful than you, than the U.S. administration [or] anyone who might be in the White House or not — it’s the climate itself,” Forrest said.

“I don’t mind all the talk about ‘drill, baby, drill.’ That’s if you want to make a difference in 20 years. But if you want to make a difference in 20 weeks or 20 months, renewable energy and where we’re going is going to make that difference,” Forrest said.

A worker walks in the Green Hub area of the Fortescue Metals Group Ltd. Christmas Creek mine in the Pilbara region of Western Australia, Australia, on Tuesday, Oct. 17, 2023.

Bloomberg | Bloomberg | Getty Images

Forrest said Monday that Fortescue intends to save as much as $1.2 billion a year by switching to green energy, noting that this figure represents the firm’s annual fossil fuel costs at present.

These savings will help to establish a green energy company “that will serve us and others for generations to come,” Forrest said, adding that the creation of new and more efficient sustainable technologies will then be used to support other businesses.

Fortescue’s Forrest has previously called for policymakers to move away from the “proven fantasy” of net-zero emissions by 2050 and instead embrace real-zero by 2050.

Scientists have repeatedly pushed for rapid reductions in greenhouse gas emissions to stop global average temperatures rising. These calls have continued through an alarming run of temperature records, with the planet registering its hottest year in human history in 2024.

Extreme temperatures are fueled by the climate crisis, the chief driver of which is the burning of fossil fuels.

Environment

Maryland’s largest solar farm is now online on a former coal mine

Published

8 hours ago

December 23, 2025

admin

Maryland’s largest solar farm is now online on a former coal mine

Maryland largest solar farm — Photo: Competitive Power Ventures

A former coal mine in western Maryland is now generating solar power – and it’s the largest solar farm in the state. Competitive Power Ventures (CPV) has brought Maryland’s largest solar project online in Garrett County, turning reclaimed coal mine land into a source of clean electricity.

CPV Renewable Power, an affiliate of CPV, and investment partner Harrison Street Asset Management have started commercial operations at CPV Backbone Solar, a 160-megawatt solar project in western Maryland. The site sits on a reclaimed, decommissioned coal mine, turning previously disturbed land into a new source of clean power.

Construction of the project was handled by Vanguard Energy Partners, a solar engineering, procurement, and construction firm.

The project comprises approximately 324,000 solar panels and is expected to generate enough electricity to power around 30,000 homes. For Maryland, it adds new in‑state generation while giving former fossil fuel land a second life.

Advertisement – scroll for more content

CPV says that the project aims to demonstrate the role of brownfield redevelopment in the energy transition. The company’s CEO, Sherman Knight, said Backbone Solar shows “how brownfield redevelopment, innovative engineering, and strategic partnerships can meet complex project challenges and deliver new power generation in Maryland.”

Local officials have welcomed the project. Garrett County Board Chairman Paul Edwards said bringing the solar facility to the county helps protect the region’s natural landscape while also creating economic value for local residents.

CPV Backbone Solar also includes a community and environmental investment tied to the project. CPV has committed $100,000 over four years to the Deep Creek Watershed Foundation.

Backbone Solar becomes part of CPV’s growing renewable portfolio, which includes four operating wind and solar projects. The company also says it has a 4.8-gigawatt renewable development pipeline.

A second phase of the Backbone Solar project is already under construction. Once completed, it’s expected to increase the site’s total installed capacity from 160 MW to 175 MW.

If you’re looking to replace your old HVAC equipment, it’s always a good idea to get quotes from a few installers. To make sure you’re finding a trusted, reliable HVAC installer near you that offers competitive pricing on heat pumps, check out EnergySage. EnergySage is a free service that makes it easy for you to get a heat pump. They have pre-vetted heat pump installers competing for your business, ensuring you get high quality solutions. Plus, it’s free to use!

Your personalized heat pump quotes are easy to compare online and you’ll get access to unbiased Energy Advisors to help you every step of the way. Get started here. – *ad

Add Electrek as a preferred source on Google

FTC: We use income earning auto affiliate links. More.

Environment

Trump says U.S. will keep the crude oil and tankers seized near Venezuela

Published

9 hours ago

December 22, 2025

admin

Trump says U.S. will keep the crude oil and tankers seized near Venezuela

U.S. President Donald Trump makes an announcement about the Navy’s “Golden Fleet” at Mar-a-lago in Palm Beach, Florida, U.S., December 22, 2025.

Jessica Koscielniak | Reuters

President Donald Trump on Monday said the U.S. will keep crude oil and tankers seized near Venezuela.

“We’re going to keep it,” Trump told reporters in Palm Beach, Florida after unveiling a new class of battleships named after himself.

“Maybe we’ll sell it, maybe we’ll keep it, maybe we’ll use it in the strategic reserve,” Trump said of the seized oil. “We’re keeping the ships also.”

Trump has ordered a blockade of sanctioned oil tankers entering or leaving Venezuela as he escalates pressure on President Nicolas Maduro.

The U.S. seized a large tanker on Dec. 10 that was carrying more than 1 million barrels of oil, according energy consulting firm Kpler. It intercepted a second vessel over the weekend. Trump confirmed Monday that the U.S. is pursuing a third tanker.

“It’s moving along. We’ll end up getting it,” Trump said of the tanker. “It came from the wrong location. It came out of Venezuela, and it was sanctioned.”

Trump said “it would be smart” for Maduro to step down when asked whether his ultimate goal is to oust the Venezuelan president.

Venezuela is a founding member of OPEC and has the largest proven oil reserves in the world. It is exporting about 749,000 barrels per day this year with more than half that oil going to China, according to data from Kpler.

The U.S. has staged a major military build up in the Caribbean. The Trump administration has launched deadly strikes on boats that it says were trafficking drugs to the U.S. The legality of those strikes is disupted and has been subject to scrutiny by Congress.

Trump threatened Monday to expand the strikes to land.

“We’ll be starting the same program on land,” he said. “If they want to come by land, they’re going to end up having a big problem. They’re going to get blown to pieces, because we don’t want our people poisoned.”

Environment

Pennsylvania Turnpike opens its first federally funded EV chargers

Published

10 hours ago

December 22, 2025

admin

Pennsylvania Turnpike opens its first federally funded EV chargers

Pennsylvania Turnpike EV chargers — Photo: PennDOT

Pennsylvania just opened its first federally funded EV charging station on the Pennsylvania Turnpike — a key step toward making long-distance EV travel easier across the state.

The new station just opened at the Blue Mountain Service Plaza at Exit 202 westbound. Another NEVI-funded site at the New Stanton Service Plaza (Exit 77 westbound) is expected to open next week, according to the Pennsylvania Department of Transportation (PennDOT).

The chargers were built using funds from the federal National Electric Vehicle Infrastructure (NEVI) program, which is designed to install fast, reliable charging stations where drivers already stop — especially along busy highway corridors.

The Pennsylvania Turnpike is one of the state’s most heavily traveled roads, particularly during holiday travel, making service plazas a natural location for en-route EV charging. This first Turnpike site marks the beginning of NEVI-funded charging directly on the state’s toll road.

Advertisement – scroll for more content

The Blue Mountain and New Stanton locations are part of the Turnpike’s larger, systemwide EV charging rollout. Working with Applegreen Electric, the Turnpike plans to install 80 new universal EV charging stations across all 17 service plazas by the end of 2027.

In addition to the NEVI-funded sites, the Turnpike has already brought new chargers online at the North Somerset, South Somerset, and Hickory Run service plazas using funding from Pennsylvania’s Driving PA Forward program. Each location offers high-speed charging with four ports per site, and all chargers are designed to work with all EV models without the need for adapters.

The project was awarded under the first round of PennDOT’s NEVI Alternative Fuel Corridor program. The next phase of funding, known as Corridor Connections, is focused on filling in charging gaps along major roadways that fall outside previously designated alternative fuel corridors. The goal is to make longer EV trips across Pennsylvania easier and more predictable.

The announcement also comes as Pennsylvania continues to push back against federal attempts to block EV funding. The US Department of Transportation is currently withholding congressionally approved money that would have supported EV infrastructure projects and jobs in the state. Governor Josh Shapiro (D-PA) sued the Trump administration over the move and, alongside 15 other states, successfully challenged an earlier attempt to derail the NEVI program. That legal fight helped keep projects like these Turnpike charging stations moving forward across the Commonwealth.

Electrek’s Take

This is precisely what the Biden administration’s NEVI program was meant to do: put fast, reliable charging stations where drivers already stop. Service plazas on major turnpikes are prime real estate for EV charging, particularly during holiday and long-distance travel. Pennsylvania’s rollout is still early days, but once chargers are live at all 17 plazas – assuming the federal funding spigot stays open – one of the Northeast’s busiest corridors is going to be a great place to road-trip in an EV.