Andrew Forrest slams fossil fuel industry and Coalition for nuclear energy 'bulldust'
ABC News
February 27 2024


In short: Andrew Forrest says the fossil fuel industry is using the prospect of nuclear energy to slow the transition to renewable energy.
Mr Forrest says the Inflation Reduction Act is effective at encouraging a renewable energy boom in the US, and Australia should consider similar tax credit policies.
What's next: The Coalition has flagged that it will take a policy on nuclear energy to the next federal election.   
Mining and renewable energy magnate Andrew "Twiggy" Forrest has used a National Press Club address to accuse the National Party of "betraying the bush" by supporting nuclear energy over renewables.

The federal Coalition, made up of the Liberal and National parties, are currently planning to take a pro-nuclear energy platform to the next federal election.   

"We need to have a mature conversation about nuclear," Liberal leader Peter Dutton said earlier this month.

"It's the latest technology that has zero emissions and it can firm up renewables in the system."

In a one-on-one interview with The Business after his press club address, Andrew Forrest had a message for the Coalition.

"I'd say to all my friends in the Liberal-National Party, no-one owns this space. It's the right space, so let's both get after renewable energy," he said, reflecting that Labor currently had the high ground on the energy transition.

"There is no choice here. Green energy is the lowest cost of energy into every Australian household. It's going to happen anyway. Green energy will not destroy the environment.

"Fossil fuels will continue to be unreliable, expensive, be used as a weapon and cost more to every Australian household, so we know what's going to happen.   

"Can we just stop all the bickering and politicking and get on with it?"

Mr Forrest backed the recent proposal by economists Ross Garnaut and Rod Sims, also revealed in a speech at the National Press Club, to introduce a "carbon solutions levy" on fossil fuel extraction within Australia and all fossil fuel imports.

Economists call for carbon levy
Two of the nation's most respected economists have put forward a bold plan they say can lower global carbon emissions by at least 6 per cent and even cut the rate of inflation.


He said the alternative would be for Australian businesses and consumers to pay their carbon taxes to overseas governments, or face losing key export markets.

"At the end of the day, the question for Australians is not if or why to price carbon — it is whether or not we allow the price to be set by Australia, by Australians, to the profit of Australians, or by global markets," he argued in his speech.

"It's going to happen regardless. You can't deny it. It's happening now.

"In 2026, the EU will impose a carbon border tax on all products. Major export markets of Australia, including Australian products made from using fossil fuel. A tax on the carbon they emit or contain.

"If we have a carbon price or levy, we won't pay that tax overseas, wasted. It will stay in Australia.

"As more and more countries bring carbon border taxes online, more and more doors will close on Australia's exports if we don't get moving."

Nuclear energy 'pushed by the fossil fuel sector'
Fielding questions from reporters after his Press Club address, Mr Forrest said nuclear energy was being used as a Trojan horse by fossil fuel producers to keep oil, gas and coal in the energy mix for longer.

"The main thing the green electricity and green energy industry needs, ladies and gentlemen, is for the fossil fuels sector to stop lobbying governments to stand in the road," Fortescue's executive chairman responded.

"If you think that nuclear came out of nowhere, no, it didn't. It's been pushed by the fossil fuel sector as a great way to delay the whole country for 20 years from switching over to cheaper energy."

During his prepared Press Club remarks, Mr Forrest took a none-too-subtle dig at sections of the National Party which have been spruiking the benefits of nuclear energy.

"We ask those who claim to represent the bush now to stop dividing us with the false hope that we can cling to fossil fuels forever. We can't. So, please stop betraying the bush," he said.

"If we swallow this new lie that we should stop the rollout of green energy and that nuclear energy will be our fairy godmother, we will be worse off again.

"I do know how to do projects. I do know the science. And I do know the economics. These misinformed, unscientific, uneconomic, plucked-out-of-thin-air bulldust of nuclear policies of politicians masquerading as leaders helps no-one."

'It works really well if you give subsidies'
As one of Australia's biggest investors in renewable energy and green hydrogen over recent years through Squadron Energy and Fortescue Future Industries.

whiteknight wrote on Feb 27^th, 2024 at 5:05am:


Except that you need to get it from the source to the customre. Huge costs in remote transmission lines. NOT cheap.

whiteknight wrote on Feb 27^th, 2024 at 5:05am:


Fossil fuels unreliable? Like weather dependant renewables?

Meanwhile Mr Forrest's Hydrogen dream bubble seems to be imploding. Green hydrogen can only be made by electolysis of water. That is hugely power intensive. So you would need at least a solar farm or Wind farm SOLELY to provide that.

Blue hydrogen can be made from fossil fuels. That then has its own emission problems. Use CCS? That requires more power to compress and inject the CO2 into storage.

And then of course there are the other problems. Explosive over a ratio of mixes. A small molecule that can and does leak.

whiteknight wrote on Feb 27^th, 2024 at 5:05am:


And that is the money quote. Beware of salesmen with skin in the game.

Of course Forrest is upset. He has backed the wrong horse with his support of renewables and is worried about his investment.  His irrational outburst show he has no concept of the advantages of nuclear power, or more likely, he does know but is actively working against it for personal advantage.

Let's  look a this chart for a dose of reality.  The province of Ontario's power generation for 2023: https://scontent-syd2-1.xx.fbcdn.net/v/t39.30808-6/428676502_792016502948078_221...

Note: the green line on the chart shows the maximum output of wind turbines if the wind blew 24/7/365.