Ann: Management and Organisational Update, page-33

From 'The Australian' online:

"Fortescue’s plans to develop a green hydrogen empire have failed and the iron ore giant may also retreat from its 2030 zero emission target, MST Marquee analyst Saul Kavonic says.

The company, founded by billionaire Andrew Forrest, on Wednesday announced it will cut 700 jobs and pull back from a goal of producing 15 million tonnes of green hydrogen by 2030.

"This signal is Fortescue Future Industries has failed. Despite the overwhelming evidence it would be unviable from the get-go, Fortescue persisted with its green hydrogen ambitions, spending hundreds of millions and lambasting critics, until only now finally admitting defeat,” Mr Kavonic said. "Fortescue's 2030 zero emissions target should prove to be their next stubborn ambition they wind back, as it also appears impossible."

Fortescue executives who raised concerns about the mogul’s green hydrogen ambitions deserve an apology, Mr Kavonic added. "Fortescue Future Industries has become the Fortescue Future Failure. Its failure was seen as inevitable by most folks in the energy industry from the start, given how uncompetitive green hydrogen economics are. It’s remarkable that Fortescue took so long to figure it out themselves," Mr Kavonic said.

“All the Fortescue leaders and staff who were pushed out for telling the truth about Fortescue's green hydrogen ambitions deserve an apology..."