Mining billionaire Andrew Forrest has slammed long-term net zero emissions targets as a “cop-out” for corporate chief executives and voiced scepticism about the “failed” technology of carbon capture and storage, in comments that look set to reignite tensions with Australian oil and gas producers.

Dr Forrest also criticised carbon offsets, saying they can be “unreliable” and involve “scams”, while acknowledging Fortescue Metals Group, which he chairs, would need to initially use offsets to help meet its own emissions goals.