Fortescue Pulls Back on Green Hydrogen Amidst US Policy Shifts
Fortescue, the Australian mining giant, has announced the cancellation of two significant green hydrogen projects: the 80MW Arizona Hydrogen project in the U.S. and the 50MW PEM50 project in Gladstone, Australia. This decision comes as the company reports record annual iron-ore shipments, but cites a shift in U.S. policy under the Trump administration, including reduced support for clean energy industries, as a key factor.
The company expects to record a pre-tax write-down of approximately US$150 million related to these cancelled projects, which had both previously received final investment decisions. Fortescue is currently assessing options to repurpose assets and land acquired for these developments.
This move by Fortescue highlights the impact of changing government incentives on major renewable energy initiatives globally.
Sources: