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.
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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.
Portable power station specialist EcoFlow is kicking off its third annual Member’s Festival this month and is offering a unique new rewards program to those who become EcoFlow members. The 2025 EcoFlow Member’s Festival will offer savings of up to 65% for its participating customers, and a portion of those funds will be allocated toward rescue power solutions for communities around the globe through the company’s “Power for All” fund.
EcoFlow remains one of the industry leaders in portable power solutions and continues to trek forward in its vision to power a new tech-driven, eco-conscious future. Per its website:
Our mission from day one is to provide smart and eco-friendly energy solutions for individuals, families, and society at large. We are, were, and will continue to be a reliable and trusted energy companion for users around the world.
To achieve such goals, EcoFlow has continued to expand its portfolio of sustainable energy solutions to its community members, including portable power stations, solar generators, and mountable solar panels. While EcoFlow is doing plenty to support its growing customer base, it has expanded its reach by giving back to disaster-affected communities by helping bolster global disaster response efforts the best way it knows how– with portable power solutions.
Source: EcoFlow
EcoFlow and its members look to provide “Power for All”
Since 2023, EcoFlow has collaborated with organizations worldwide as part of its “Power for All” mission. This initiative aims to ensure access to reliable and timely power to disaster-affected communities across the globe, including rescue agencies, affected hospitals, and shelters, to support rescue and recovery efforts.
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This fund most recently provided aid for communities affected by the recent Los Angeles wildfires, assistance to the Special Forces Charitable Trust (SFCT) in North Carolina following severe hurricanes, and support for non-profits engaged in hurricane preparedness in Florida and the Gulf Coast. Per Jodi Burns, CEO of the Special Forces Charitable Trust:
In the wake of devastating storms in Western North Carolina, reliable power was a critical need for the families we serve. Thanks to EcoFlow’s generous donation of generators, we were able to provide immediate relief, ensuring these families and their communities had access to power when they needed it most. We are so impressed with EcoFlow’s commitment to disaster response through their ‘Power for All’ program. It has made a tangible impact, and we are deeply grateful for their support and partnership in helping these families recover and rebuild.
In 2024, the US experienced 27 weather and climate events, each causing losses exceeding $1 billion, marking the second-highest annual total on record, according to National Centers for Environmental Information. The increasing frequency and severity of natural disasters underscore the critical need for reliable and timely power solutions during emergencies, much like EcoFlow and its members are helping provide through the “Power For All” initiative.
To support new and existing EcoFlow members, the company is celebrating its third annual Member’s Festival throughout April to offer a do-not-miss discount on its products and donate a portion of all sales to the “Power for All” fund to provide rescue power to those in need in the future. Learn how it all works below.
Source: EcoFlow
Save big and give back during the 2025 Member’s Festival
As of April 1st, you can now sign up to become an EcoFlow member to participate in the company’s exclusive 2025 Member Festival.
As a member, you can earn “EcoFlow Power Points” by completing tasks like registration, referrals, and product purchases and tracking your individual efforts toward disaster preparedness and recovery.
Beginning April 4, EcoFlow members will also be able to take advantage of exclusive discounts of up to 65% off select portable power stations, including the DELTA Pro Ultra, DELTA Pro 3, DELTA 2 Max, DELTA 3 Plus, RIVER 3 Plus, and more. However, these sale prices only last through April 25, so you’ll want to move quickly!
Click here to learn more about EcoFlow’s “Power for All” campaign. To register for EcoFlow’s 2025 Member Festival in the US, visit the EcoFlow website. To register as a member in Canada, visit here.
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Tesla is losing another top talent: its long-time head of software, David Lau, has reportedly told co-workers that he is exiting the automaker.
Tesla changed how the entire auto industry looks at software.
Before Tesla, it was an afterthought; user interfaces were rudimentary, and you had to go to a dealership to get a software update on your systems.
When Tesla launched the Model S in 2012, it all changed. Your car would get better through software updates like your phone, the large center display was responsive with a UI that actually made sense and was closer to an iPad experience than a car.
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Tesla also integrated its software into its retail experience, service, and manufacturing.
David Lau deserves a lot of the credit for that.
He joined Tesla in 2012 as a senior manager of firmware engineering and quickly rose through the ranks. By 2014, he was promoted to director of firmware engineering and system integration, and in 2017, he became Vice President of software.
Lau listed the responsibilities of his team on his LinkedIn:
Vehicle Software:
Firmware for the powertrain, traction/stability control, HV electronics, battery management, and body control systems
UI software and underlying Embedded Linux platforms
Navigation and routing
iOS and Android Mobile apps
Distributed Systems:
Server-side software and infrastructure that provides telemetry, diagnostics, over-the-air updates, and configuration/lifecycle management
Data engineering and analytics platforms that power technical and business insights for an increasingly diverse set of customers across the company
Diagnostic tools and fleet management, Manufacturing and Automation:
Automation controls (PLC, robot)
Server-side manufacturing execution systems that power all of Tesla’s production operations
Product Security and Red Team for software, services, and systems across Tesla
Bloomberg reported today that Lau told his team he is leaving Tesla. The report didn’t include reasons for his stepping down.
Electrek’s Take
Twelve years at any company is a great run. At Tesla, it’s heroic. Congrats, David, on a great run. You undoubtedly had a significant impact on Tesla and software advancements in the broader auto industry.
He is another significant loss for Tesla, which has been losing a lot of top talent following a big wave of layoffs around this time last year.
I wonder who will take over. Michael Rizkalla, senior director of software engineering and vehicle firmware, is one of the most senior software engineers after Lau. He has been at Tesla for 7 years, and Tesla likes to promote within rather than hire outsiders.
There are also a lot of senior software execs working on AI at Tesla. Musk has been favoring them lately and he could fold Lau’s responsibilities under them.
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Kia’s electric SUVs are taking over. The EV3 is the best-selling retail EV in the UK this year, giving Kia its strongest sales start since it arrived 34 years ago. And it’s not just in the UK. Kia just had its best first quarter globally since it started selling cars in 1962.
Kia EV3 is the best-selling EV in the UK through March
In March, Kia sold a record nearly 20,000 vehicles in the UK, making it the fourth best-selling brand. It was also the second top-seller of electrified vehicles (EVs, PHEVs, and HEVs), accounting for over 55% of sales.
The EV3 remained the best-selling retail EV in the UK last month. Including the EV6, three-row EV9, and Niro EV, electric vehicles represented 21% of Kia’s UK sales in March.
Kia said the EV3 “started with a bang” in January, darting out as the UK’s most popular EV in retail sales. Through March, Kia’s electric SUV has held on to the crown. With the EV3 rolling out, Kia sold over 7,000 electric cars through March, nearly 50% more than in Q1 2024.
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The EV3 was the best-selling retail EV in the UK in the first quarter and the fourth best-selling EV overall, including commercial vehicles.
Kia EV3 Air 91.48 kWh in Frost Blue (Source: Kia UK)
Starting at £33,005 ($42,500), Kia said it’s the “brand’s most affordable EV yet.” It’s available with two battery packs, 58.3 kWh or 81.48 kWh, good for 430 km (270 miles) and 599 km (375 miles) of WLTP range, respectively.
From left to right: Kia EV6, EV3, and EV9 (Source: Kia UK)
With new EVs on the way, this could be just the start. Kia is launching several new EVs in the UK this year, including the EV4 sedan (and hatchback) and EV5 SUV. It also confirmed that the first PV5 electric vans will be delivered to customers by the end of the year.
Electrek’s Take
Globally, Kia sold a record 772,351 vehicles in the first quarter, its best since it started selling cars in 1962. With the new EV4, the brand’s first electric sedan and hatchback, launching this year, Kia looks to build on its momentum in 2025.
Kia has also made it very clear that it wants to be a global leader in the electric van market with its new Platform Beyond Vehicle (PBV) business, starting with the PV5 later this year.
Earlier today, we learned Kia’s midsize electric SUV, the EV5, is the fourth best-selling EV in Australia through March, outselling every BYD vehicle (at least for now). The EV5 is rolling out to new markets this year, including Canada, the UK, South Korea, and Mexico. However, it will not arrive in the US.
For those in the US, there are still a few Kia EVs to look forward to. Kia is launching the EV4 globally, including in the US, later this year. Although no date has been set, Kia confirmed the EV3 is also coming. It’s expected to arrive in mid-2026.
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