Andrew 'Twiggy' Forrest says Australia risks losing billions to a 'global vacuum of talent'

In a message to the Labor government, Dr Forrest has asked for nothing more than an even playing field, to avoid "a global vacuum cleaner of talent, technology, capital [and] leadership" going to North America.

Dr Forrest was in Boorowa for the opening of the Bango Wind Farm, the third largest in the state, located 30km north of Yass.

The head of Fortescue offered his vision for Australia's transition from fossil fuels, which is a future heavily reliant on green hydrogen.

Dr Forrest compared the concern for green hydrogen's flammability to fear of using petrol when the world moved from horses to cars.

"If Australia goes hard after renewable energy - particularly green hydrogen - we can put a Saudi Aramco, an economy the size of Saudi Arabia, right here in Australia," he said.

The Bango Wind Farm is a Squadron Energy project, which became Australia's largest renewable energy company thanks to funding from Dr Forrest to acquire CWP Renewables in December.

Operating primarily in NSW, Squadron opened the Crudine Ridge Wind Farm in Mudgee last year and will soon begin work on the Uungula Wind Farm in NSW's central west.

Dr Forrest said the Australian government should just copy and match policy from overseas to avoid losing entrepreneurs like himself.

He said the country was spending a disgusting amount of money subsidising fossil fuel companies which were begging to develop new projects, while putting the next generation at risk from climate change.

"The diesel fuel rebate is sucking $10 billion out of the Australian economy which could go to schools, hospitals ... turning this country green," Dr Forrest said.

"We do not need any more fossil fuel projects. We don't need any Scarboroughs, Narrabris - they are just not required."

It follows comments from Resource Minister Madeleine King earlier this month that coal and gas would be essential for Australia's energy security for decades.

In a speech to members of the resources industry, Ms King said the region relied on Australia's gas to decarbonise and natural gas would help Australia reach its net zero by 2050 emissions target.

Dr Forrest said natural gas had a limited future and should only exist until the government encouraged green hydrogen to replace it.

"The world must move on to green hydrogen as quickly as possible and put up with natural gas in the meantime," he said.

"It's not an excuse to keep it going. It's an excuse for poor leadership if we don't change."

Dr Forrest called carbon capture and storage a "big fat lie" and said relying on the technology to bring down emissions was fraught with danger.

"I don't think we should be putting the future of any child, let alone every child, on CCS [carbon capture and storage] when it's a proven failure," he said.

"CCS [carbon capture and storage] will be wiped out in time."

Dr Forrest, who made his name and fortune in mining, opened the Boorowa wind farm alongside Squadron executives on Friday, the same day Liddell power station in NSW closed for good.

Once the cornerstone of the national electricity industry, the coal-fired station was switched off after more than 50 years of operation.

Fortescue has announced its goal of achieving carbon neutrality by 2030, which includes switching the entire company off fossil fuels.

In February, it joined a number of emission-intensive industries calling for effective and coordinated action from government, industry and finance to make the net zero transition.

The initiative identified five objectives to enable heavy industry to transition, including supporting investment and reducing barriers.

Dr Forrest said Australia needed an answer to the United States' 2022 investment in climate and energy, the Inflation Reduction Act, which was sucking talent and investment to north America.

READ ALSO:

"If you want to remove barriers then have the same policies as other countries so we the Australian entrepreneur do not have to shift our talent, do not have to shift our leadership, capital or technology, to other countries to be able to compete," he said.

"I would love to be able to compete right here in Australia.

"I know that the jobs in the renewable energy sector, particularly going to the point of manufacturing here, can dwarf the whole fossil fuel sector.

"Let's get after that. It will be the biggest industry in the world. Let's make sure it's the biggest industry in the world in Australia."

Jason Willoughby, Squadron chief executive, said opening Bango was another step forward for the company as it delivered on its 20 gigawatt development pipeline of wind, solar and battery projects.

The wind farm generates enough electricity to power 144,000 homes. Woolworths, Snowy Hydro and Transurban have all signed power purchase agreements for its electricity.

"We look forward to continuing our efforts to advance renewable energy and make a critical contribution to a sustainable environment that has stepped beyond pollution for current and future generations," Mr Willoughby said.

We've made it a whole lot easier for you to have your say. Our new comment platform requires only one log-in to access articles and to join the discussion on The Canberra Times website. Find out how to register so you can enjoy civil, friendly and engaging discussions. See our moderation policy here.