Fortescue Metals Group non-executive Chairman, Andrew Forrest, speaks during a Sustainability Week conference in London on March 11, 2025.
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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.
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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.
Spring is finally here, and so are some solid EV lease deals. Right now, a few EVs are going for under $300 a month. Here are the cheapest EVs we could find this March.
Cheapest EVs you can lease this March
After a record year with over 1.3 million EVs sold in the US in 2024, the trend is expected to continue in 2025, with about 15 new models arriving.
Nearly 200,000 electric vehicles were sold in the first two months of the year. In February, the top five best-selling models were the Tesla Model Y, Model 3, Honda Prologue, and Rivian R1S.
Outside of Rivian’s electric SUV and now the Tesla Model Y (the old model is sold out), you can lease any of them for under $300 a month this March. With the average monthly lease payment for an electric car $175 less per month than the average loan, it’s no wonder buyers are choosing to lease.
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According to Experian, the Tesla Model 3, Honda Prologue, Hyundai IONIQ 5, and Chevrolet Equinox are among the most leased EVs. Again, all of these are under $300 a month right now.
Hyundai’s new 2025 IONIQ 5 Limited with a Tesla NACS port (Source: Hyundai)
Hyundai, Kia, and Genesis
Lease From
Term (months)
Due at Signing
Effective rate per month (including upfront fees)
2025 Kia Niro EV
$129
24
$3,999
$295
2024 Kia EV6
$179
24
$3,999
$345
2024 Hyundai IONIQ 5
$159
24
$3,999
$325
2025 Hyundai IONIQ 5
$199
24
$3,999
$365
2024 Hyundai IONIQ 6
$149
24
$3,999
$315
2025 Hyundai IONIQ 6
$169
24
$3,999
$335
2025 Genesis GV60
$299
24
$5,999
$548
Kia and Hyundai continue to offer some of the most affordable, efficient electric vehicles on the market. The Niro EV is one of the cheapest EVs you can lease this month at just $129 per month.
The new 2025 IONIQ 5 (now with more range and a Tesla NACS charging port) and IONIQ 6 are arriving with big discounts. Even the luxury 2025 Genesis GV60 can be leased for under $300 a month this March.
Earlier this week, Hyundai launched a promo giving those who buy or lease a new 2024 or 2025 model year IONIQ 5 or IONIQ 6 a free ChargePoint Level 2 home charger. If you already have one, you can also opt for a $400 public charging credit.
2024 Honda Prologue Elite (Source: Honda)
Honda Prologue and Acura ZDX
Lease From
Term (months)
Due at Signing
Effective rate per month (including upfront fees)
2024 Honda Prologue
$239
36
$1,399
$335
2024 Acura ZDX
$299
24
$2,999
$424
Honda’s electric SUV continues to take the US market by storm. In the second half of 2024, the Prologue was the second best-selling electric SUV behind the Tesla Model Y. It has now been a top five best-seller in the US for the first two months of 2025.
With an ultra-low lease rate of just $239 per month, the Prologue is even more affordable than a Civic this month. No wonder sales are surging.
Honda launched the 2025 model earlier this month, which has more range (now up to 308 miles) and power but keeps the same low starting price.
Acura’s luxury electric SUV can be leased for as low as $299 for 24 months. With only $2,999 due at signing, the ZDX is even cheaper than the Genesis GV60, thanks to generous discounts. In some states, ZDX discounts reach as high as $28,000, also making it more affordable than a Civic to lease this month.
Chevy Equinox EV LT (Source: GM)
Chevy Blazer and Equinox EVs
Lease From
Term (months)
Due at Signing
Effective rate per month (including upfront fees)
2024 Chevy Equinox EV
$299
24
$3,169
$431
2024 Chevy Blazer EV
$299
24
$3,879
$461
Chevy’s new electric SUVs are quickly rolling out. The electric Equinox was among the top five best-selling EVs in the final three months of 2024. Both can be leased for under $300 a month this March. The Blazer EV is still slightly more expensive, at $3,879. Keep in mind that the Blazer EV deal also includes a $1,000 trade-in bonus.
The electric Equinox SUV, or “America’s most affordable +315 miles range EV,” as Chevy calls it, is even cheaper than the gas model this month with up to $8,500 in savings.
Ford Mustang Mach-E (left) and F-150 Lightning (right) (Source: Ford)
Ford F-150 Lightning and Mustang Mach-E
Lease From
Term (months)
Due at Signing
Effective rate per month (including upfront fees)
2024 Ford Mustang Mach-E
$213
36
$4,462
$337
2024 Ford F-150 Lightning
$233
24
$6,792
$421
Although F-150 Lightning sales are down this year, the Mustang Mach-E remained a top-selling electric SUV through the first two months of 2025
Ford is sweetening the deal with a free Level 2 home charger for any EV purchase or lease through its “Power Promise,” along with a host of other benefits.
2024 Subaru Solterra (Source: Subaru)
Toyota bZ4X and Subaru Solterra
Lease From
Term (months)
Due at Signing
Effective rate per month (including upfront fees)
2025 Toyota bZ4X
$259
36
$2,999
$342
2024 Subaru Solterra
$279
36
$279
$287
Japanese automakers are starting to find their rhythm. Toyota bZ4X and Subaru Solterra sales are picking up. With an effective cost of only $287 per month, the Solterra may be the better option this month with standard AWD.
Tesla Model 3 (Source: Tesla)
Tesla Model 3 is still among the cheapest EVs in March
Lease From
Term (months)
Due at Signing
Effective rate per month (including upfront fees)
Tesla Model 3
$299
36
$2,999
$382
Although Tesla sold out of old Model Y inventory this month, you can still snag a Model 3 for under $300 a month. The Tesla Model 3 is still one the best-selling EVs in the US, and for a good reason.
The new Long Range AWD Model 3 has an EPA-estimated driving range of up to 363 miles and can add up to 195 miles in just 15 minutes.
Other EVs for lease for under $300 a month
Lease From
Term (months)
Due at Signing
Effective rate per month (including upfront fees)
2025 Nissan LEAF
$259
36
$2,279
$322
Fiat 500e
$159
24
$1,999
$242
Some of these rates may vary by region. The $239 per month Honda Prologue lease deal is offered in California and other ZEV states. Acura’s $299 ZDX promo is only available in CA, NY, OR, and other select states.
In other parts of the country, the Prologue is still listed at just $269 per month for 36 months. With $3,199 due at signing, the effective cost is still just $358 per month. However, a $1,000 conquest or loyalty offer can lower monthly payments to around $330.
With the Trump administration looking to end federal EV incentives, including the $7,500 tax credit, many of these savings could disappear soon. Automakers can offer such low lease prices right now largely because the tax credit is factored in.
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Aptera Motors has shared another exciting progress update video, giving us our best look yet at its production-intent solar EV out in the real world. The SEV startup recently completed the PI build’s first-ever road trip, traveling over 300 miles using an all-electric battery and free energy from the Sun.
We’re nearing the end of the month here so naturally, that means were due for a video update from our favorite (and only) solar EV startup, Aptera. This time around, we only had to wait about 25 days since Aptera’s last video update, in which it took a production-intent solar EV to a proving ground in the Mojave Desert and completed core efficiency testing under real-world conditions.
Per Aptera, some of those results were “groundbreaking,” including a coast-down test that measured the solar EV’s aerodynamic, rolling, and powertrain losses by tracking how efficiently the vehicle moves through the air along a given road.
At that point, Aptera’s video footage of said testing was our best glimpse of its budding technology, but much of it was on lonely desert roads. This go around, Aptera took to the highway for the first time ever, documenting a 300+ mile road trip you can see in the video below.
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Source: Aptera
New video showcases Aptera SEV’s 300+ mile journey
Aptera released its latest video alongside a blog post this afternoon. The post shared details of the production-intent solar EV’s first-ever road trip, which was navigated by co-founder and co-CEO Steve Fambro and a support team that helped film it.
As you can see on Aptera’s map above, the solar EV’s journey began at an elevation in Flagstaff, Arizona, where the team documented the solar EV was gathering 300 watts of energy before they even left for the day. In the video, you see Fambro navigate west then south down the historic Route 66, stopping at fun landmarks like Bearizona (a very cool animal sanctuary if you’ve never been) and Lake Havasu.
At one point, Aptera’s video noted that its solar EV was pulling over 545 watts of solar input, even though it was overcast. The vehicle’s all-electric powertrain, paired with additional range from the Sun, helped propel the car over 300 miles to its final destination in Imperial Valley, California, turning heads and garnering plenty of photos along the way. Per Fambro:
Almost everyone we passed had their phones out filming us. It’s clear that Aptera’s design stops traffic—without needing to stop for a charge.
To celebrate its first road trip validating its solar EV in real-world conditions on a public highway, Aptera is giving away a $800 “solar-powered prize pack.” You can learn more about how to enter here, and be sure to watch Aptera’s full video of the road trip below.
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Hyundai is launching new EVs in every corner of the world. The IONIQ 9, its first three-row electric SUV, is about to launch in the US, the low-cost Inster EV is already seeing demand in Europe, and now, Hyundai is about to take on China, the world’s largest EV market. Here’s a sneak peek of Hyundai’s new electric SUV that could launch as the IONIQ 4 in China.
First look at Hyundai’s new electric SUV for China
While many legacy automakers are cutting back in China with the flood of domestic EVs and intensifying price war, Hyundai is doubling down on the market.
The facility is expected to play a key role as Hyundai looks to compete with China’s leading EV makers like BYD. By working with local tech companies and suppliers, the R&D center will create vehicles tailored to customers in the region.
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Unlike its other models, like the IONIQ 5, Hyundai’s EVs in China will feature local technology and designs to attract buyers.
After Beijing Hyundai released the first spy photos this week, we are getting a closer look at its “first pure electric platform SUV” in China.
Like the IONIQ 9, Hyundai’s new electric SUV features a full-length light bar and closed grille up front, but there are some noticeable differences. For one, it’s clearly smaller and slightly less boxy. The rear also gains a futuristic light bar.
According to TheKoreanCarBlog, the vehicle is internally known as “OE,” hinting that it could still be part of its IONIQ EV series.
Hyundai’s new electric SUV winter testing in China (Source: Beijing Hyundai)
All Hyundai IONIQ vehicles have had an “E” in their name, which makes the case even stronger that this could be the IONIQ 4.
We should learn more soon, as Hyundai’s new electric SUV is set to launch in China later this year. Check back soon for more information, including specs and prices.
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