Meet the Australian billionaires going green
Plenty of Australia’s wealthiest people are pouring money into green energy and other renewable investments in the hope of making big money.
Forget the coal barons, Australia’s wealthiest people clearly see the future as being green — where big money can be made in renewable energy and other sustainable investments.
This year’s edition of The List — Australia’s Richest 250 only had two coal barons in Chris Wallin and Sam Chong, but at least a dozen who are starting to put some of their fortune into a green future.
Here are some of the billionaires and other members of this year’s edition of The List who are putting money into green energy and other environmentally friendly investments:
Andrew Forrest: The billionaire has made his substantial fortune from iron ore mining, but now has plans for his Fortescue Metals Group giant to eventually produce 235 gigawatts of renewable energy, or five times the current capacity of Australia’s National Energy Market.
FMG wants to bet big on green hydrogen and ammonia in the future, flagging them as substitutes for diesel as well as in grid-scale energy generation. Subsidiary Fortescue Future Industries, a subsidiary of the WA iron ore miner, has already signed early-stage agreements in Papua New Guinea and Indonesia for potential hydro-electric and other renewable energy projects, and Forrest himself has scoured the world looking for opportunities.
Mike Cannon-Brookes: The Atlassian co-founder has long put his money where his mouth is, with investments ranging from almost $80m in green energy lender Brighte to a $US100m injection in driverless vehicle developer Zoox. His Grok Ventures portfolio includes solar start-up SunDrive and several food waste technology firms.
Scott Farquhar: The other Atlassian founder is less voluble than Cannon-Brookes, but also has a string of renewable energy and green-focused investments via his private Skip Capital. Farquhar reportedly recently invested in renewable energy play Genex Power. Skip has a fund that has partnered with energy impact investor Solar Bay and is searching for wind and solar projects to put money into.
Anthony Pratt: The cardboard box-making magnate pledged in late February to spend $2bn to create thousands of new green manufacturing jobs. The spending includes increasing the recycled content of glass and reducing landfills by building another clean energy plant in Victoria that runs on paper mill rejects. His Visy is also doubling the capacity of its 100 per cent recycled plastics factory in NSW, among other environmentally friendly initiatives.
Kerry Stokes: While he is better known for his media investments, Stokes’ Seven Group Holdings has made big money in gas and associated mining sectors. But The Australian reported in February that SGH pitched a $650m pumped hydro scheme to the WA government, offering to convert a disused coal mine in Collie into a 400MW pumped hydro plant capable of feeding power into the state’s energy grid.
Maha Sinnathamby: His Springfield Group has big plans at the masterplanned community of the same name just outside Brisbane, including making it the world’s greenest city by 2038. Springfield, private equity and French energy company Engie are planning to spend $3.1bn for the entire city to be powered by renewable energy. Springfield has also engaged Moelis Australia for a global tender to find an investment partner for its $15bn Knowledge Precinct.
John Kahlbetzer and family: The Kahlbetzer name is synonymous with agriculture investments, and in recent years it has taken stakes in emerging companies with sustainable farming practices. One is Sprout Stack, which uses less energy and up to 95 per cent less water than conventional farming methods. The family’s Twynam has a stake in waste to energy business Sierra Energy and other sustainable energy firms.
Trevor St Baker: While he is best known for energy investments such as ERM Power and the Vales Point coal power station, St Baker also has put $50m into his St Baker Energy Innovation fund. The fund invests in start-up companies in energy and e-mobility sectors, including electric vehicle fast-charger businesses Tritium and Evie Networks.
Brian Flannery: The White Energy boss has spent $5m restoring tracks and building one of the few solar-powered train services in the world at Byron Bay. It uses solar energy to make the 6km round trip from the heart of the tourist township to his Elements resort, with the surplus electrical energy fed back into the local grid.
Alex Waislitz: The billionaire investor has shares in the ASX-listed Envirosuite, which is up about 60 per cent in the past 12 months. A provider of environmental intelligence solutions, Envirosuite has clients in the airport, construction, industrial, mining and water and waste sectors.
Graham Turner: The Flight Centre boss and wife Jude Turner have a chain of eco-lodges under the Spicers Retreat brand. But they have also incorporated environmental protection measures and educational programs into the business.
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