Mining magnate Andrew “Twiggy” Forrest’s Fortescue Future Industries plans to develop more than a dozen hydropower and geothermal energy projects in Papua New Guinea.
The wholly-owned subsidiary of Fortescue Metals Group has signed an agreement with the PNG government to look at the feasibility of up to seven hydropower and 11 geothermal energy projects.
They would be used to generate renewable electricity for the development of green hydrogen and ammonia.
Fortescue Metals Group expects this to create a significant domestic and export industry for a country that relies heavily on imported oil.
“These projects will completely transform PNG to become a leader in the world’s renewable energy transition,” Fortescue’s chair and founder Dr Forrest said.
“We are committed to ensuring PNG’s communities benefit from growth and development through these projects, including training, employment and business development opportunities.”
The company anticipates the projects, once completed, could produce up to 2.3 million tonnes of green hydrogen a year.
Dr Forrest, attending the COP26 climate summit in Glasgow, champions hydrogen produced using renewables as part of the answer to global warming.
He has inked deals with various countries and is also investing in the industry with the NSW and Queensland governments.