Updated

Labor’s hydrogen dream stalls as Fortescue slims down H2 vision

Peter Ker and Angela Macdonald-Smith

Jul 17, 2024 – 5.01pm

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Fortescue will cut 700 jobs and slow its push into green hydrogen in a blow to the Albanese government’s plan to make Australia a hydrogen superpower supported by more than $8 billion of taxpayer-funded incentives.

Fortescue chairman Andrew Forrest said low carbon “green” hydrogen still had a bright future, but his immediate focus would shift to renewable electricity as he jettisoned a target for Fortescue to produce 15 million tonnes of green hydrogen by 2030.

Peter Ker covers resource companies for The Australian Financial Review, based in Melbourne.

Angela Macdonald-Smith writes on the resources industry with a focus on energy, including gas, oil, electricity and renewables.