Fortescue has unveiled 700 job cuts and pushed its 15 million tonne green hydrogen production target down the road as it blames high power prices for slowing progress.
Having originally planned to meet the green hydrogen ambition by 2030, the company has said it must “continually evolve” to ensure it remain “lean” to deliver on its strategy and generate the “maximum value for shareholders.”
One of the world’s biggest iron ore producers, Fortescue has been highly vocal about the need for rapid, ambitious green hydrogen development, and subsequently increased its investments into the energy carrier.
However, the firm has now narrowed its focus to four green hydrogen projects in the US, Australia, Norway and Brazil – looking to use cheaper, renewable energy – although two of the projects are yet to reach final investment decision.
