Fortescue mining giant says that Big Oil makes mistakes in renewable energy sources

Australian mining man Andrew Forest, founder and CEO of a company FortescueBig Oil says that he makes mistakes in renewable energy sources – at a time when European energy is allocated It doubles on fossil fuels To strengthen the returns of shareholders in the short term.

Britain BP Norway Timing Both set plans to reduce renewable spending in favor of oil and gas. Lispable in London coincidenceAt the same time, he also expanded the scope of green investment plans.

American oil specialties such as Exxon Mobil and ChevronThat surpassed its European competitors in recent years, usually called for the transition options such as Carbon capture and store it and hydrogenInstead of renewable technologies such as wind and solar energy.

“I have always found that the customer is always right, and for this reason we go to renew and stay away from oil and gas because our customers say,” We want energy but not at any cost, and if you can give us green energy at the same dirty price (energy), we will buy green color every day. “This is my job, and it is the Fortescue function,” Tell Forrest Cnbc’s “Squawk Box Eurobe” on monday.

“You have data centers that have appeared throughout Europe and want green energy if they can the totalAn argument, “Well, we just do what customers want.” In fact, you are not. “Your customers want the green energy,” said Forest.

He added, “Well, if () oil and gas (industry) does not want to provide green energy, guess, Fortescue.”

Fortescue, the fourth largest iron ore mines in the world, has Specific plans To stop burning fossil fuels through the Australian iron ore operations by the end of the decade-and the other companies that make it difficult to follow.

Exxon Mobil’s spokesperson and Totalenergies were not available immediately to comment when contacted by CNBC on Monday.

Last year, Exxon Mobil He said It is expected that fossil fuels will form more than half of the world’s energy mix in 2050, despite the efforts to move from oil and gas. Meanwhile, Totalenergies was among its European peers, as she constantly invested in low carbon technologies as she continued.Multi -energy“the offer.

On Monday, Lindsi Stewart, director of research and policy of overseeing investment in Mooringstar Sdevalitics, said on Monday that the majority of contributors to Supermajors Energy “decided that criticism is the king, at least in the short term,” said Lindsay Stewart, Director of Research and Policy for Investing in Mooringstar Sdevalitics on Monday.

“They are accustomed to a continuous flow of cash in the form of stock profits and re -purchases over recent years and they seem to want the administration to give cash priorities in the goals of energy transmission in the long run,” Stewart told CNBC via email.

“The administration in some European companies, BP and Shell, have responded by reducing intended investments in intense renewable energy sources projects in the capital in favor of opening money of fossil fuel assets. No good news is for those looking for an organized transmission to low carbon energy sources.”

“European oil giants such as Shell, BP, and Equinor” have increasingly agreed to their strategies “with their American counterparts in recent years.

“As a result, the energy transmission is unlikely to be driven by large oil and gas companies. Instead, regional companies that focus on power lead the road,” said Erinjin.

He asked about his feeling about the direction of American companies Retreat Regarding environmental and social goals and governance (ESG), Forest of Fortescue said that these decisions reflect a boost to determine the priorities of the quarterly profits and executive bonuses for success in the future.

Forest said: “It is very thinking about the short term to back down from the climate goals because guessing those who do not listen to you, guess who does not care.

“I do not mind all the conversation.”Exercise, baby, drilling‘This is if you want to make a change within 20 years. But if you want to make a change within 20 weeks or 20 months, the renewable energy and where will this difference happen, “Forest said.

Forest said on Monday that Fortescue intends to save up to $ 1.2 billion annually by switching to green energy, noting that this number represents the company’s annual fossil fuel costs at the present time.

Forest said that these savings will help create a green energy company “that will serve us and others for future generations,” adding that creating new and more efficient sustainable technologies will be used to support other companies.

Forest called from Fortescue by policy makers to move away from “” “Fantasy“From the emissions of zero networks by 2050, and instead it embraced the real zero by 2050.

Scholars repeatedly It was paid for fast discounts in greenhouse gas emissions to stop the high average global temperatures. These calls continued through a set of disturbing temperature records, with the planet Registration It is the hottest year in human history in 2024.

The maximum temperatures Nourish Through the climate crisis, the main driver is Burning fossil fuel.