Andrew Forrest blasts ‘laggard’ MPs for Australia’s climate action failure, denying nation energy sovereignty

Andrew “Twiggy” Forrest has accused the Federal Government of “standing on the hose” when it comes to climate action and committing to net zero by 2050. Pointing to The West Australian’s front page story today showing more than 80 per cent of people in the State want Scott Morrison to adopt the target, Mr Forrest called on the Prime Minister and MPs to stop getting in the way of progress. “It’s you — the occasional, now laggard politician — standing on the hose, stopping us from getting our own economic and energy sovereignty back,” he told the National Press Club today. “Hysterical politicians trying to scare us all — don’t do that. Open the future to every Australian. Give us the choice. A fuel that you can make right here in Australia, clean as the day is long, and made by hardworking locals, not by foreign companies controlling our standard of living at their whim, thanks to your fear.” Mr Forrest said green hydrogen was the key to Australia cutting its emissions and maintaining sovereignty over its energy market. He said such renewable resources would be a boon to regional Australia, despite concerns raised by the Nationals. Regionalisation Minister Bridget McKenzie said the idea that regions stood to benefit from transitioning to net zero was a “false assumption” and a “mirage”. But Mr Forrest disagreed. “If I have one message, it’s that a national target of carbon neutrality is regional Australia’s jobs and economic opportunity, but only if Australians trust the good politicians not holding them back and move,” he said. He echoed comments from Treasurer Josh Frydenberg last month raising alarm over the predicted drop in foreign investment because of Australia’s climate record. “What’s so important about moving now?” Mr Forrest said. “Simply that we rely right now on other countries to buy our goods, to buy our services, and finance our huge projects that are the very basis that we have the high standard of living that we enjoy. “But they do it on the quid pro-quo that we meet international standards. Fair enough. Fair cop. “Our global customers and financiers have a choice, just like us, and they'll make that choice in only two weeks’ time at COP26 Glasgow. If we miss declaring carbon neutrality at COP26, we’ll eventually be forced to make it anyway.” His comments come as the Reserve Bank of Australia today warned the nation faced growing risk of global investors ceasing investment in bonds or equity if Australia did not make a net zero commitment for 2050. Mr Forrest said climate change was the “greatest challenge” facing Australia and the world, but it was not the fault of “mums and dads”. “Mums and Dads, I know you’re being forced to consume fossil fuel because we have nothing else, but you’re not responsible for global warming,” he said. “It’s the oil and gas companies who gave us no choice, and the politicians who followed them.” Mr Forrest admitted the state of the mining industry — from which he has derived his fortune — was “not pretty” and iron ore and coal producers needed to “take the rap” for their contribution to increasing emissions. “Heavy industry accounts for over a quarter of all our global emissions,” he said. “The scope for emissions of the top four iron ore companies — the customers of Fortescue, BHP, Vale and Rio Tinto — emit are equivalent to Russia’s entire national emissions,” he said. “That’s because our steel mill plants use coal to turn the iron ore into steel. It’s coal that’s the problem. But we, the iron ore producers, must take the rap. “Demand for steel will continue to rise and the people who buy steel will increasingly, I hope, require that it’s green and zero-emissions. Steelmakers, in turn, will feel the squeeze and will put pressure on iron ore companies, such as my own, to produce green iron ore. I love that. “And it’s just the beginning of the pressure.” Mr Forrest stressed the solution for transitioning into a low emission future lies squarely with green hydrogen. “Unlike fossil fuels, it’s becoming cheaper and it will never run out,” he said. “And of course, we won’t cook the planet.” Mr Forrest was optimistic that the Nationals would get on board, and said Deputy Prime Minister had told him he recognised the economic opportunity in more climate ambition. “‘It’s the economic argument that I’m listening to, Twiggy’, he said,” Mr Forrest revealed of his conversation with Mr Joyce. “‘I might be a cynic about the capacity to fix global warming, but I’m a believer in economic opportunities presented by it and I see how it can add to Australia’s economic position, and I can see how it grows our regions. I’d be fine if you want to quote that’. “Spot on, Barney. Thanks for the quote, mate.” Mr Forrest said even “mud-slingers” like Nationals Senator and former resources minister Matt Canavan recognised that all Australians “deserved a choice” on how the country should face climate change and the new energy future. However, if the Nationals didn’t agree with net-zero, Mr Forrest said the Prime Minister should still proceed with bringing the commitment to COP26.