Iron Billionaires Are in a Green Energy Race – by David Fickling (Washington Post/Bloomberg – October 23, 2023)

Which of Australia’s iron ore billionaires has more money invested in advancing the energy transition? Andrew Forrest, a green evangelist who recently warned that “it’s business which will kill your children?” Or Gina Rinehart, a Trump-supporting culture warrior who’s characterized climate science as propaganda? Believe it or not, at this point it’s neck and neck.

After muscling her way into a takeover battle for lithium developer Liontown Resources Ltd., Rinehart’s Hancock Prospecting Pty vehicle now has well over A$1.28 billion ($809 million) invested in energy-transition materials, including a 19.9% stake in Liontown and a royalty stream from a separate lithium project.(1) The power division of Forrest’s Fortescue Metals Group Ltd., which he’s promised to turn into one of the world’s biggest energy companies, had assets of $819 million at the end of June.

A global economy switching away from fossil fuels is creating some weird alliances. Climate denialists with an eye on the next big thing can still make money from supplying raw materials for the green energy revolution.

Eco-warriors worried about their bottom lines can still find it hard to turn their dreams into reality. The only constant is that, regardless of public pronouncements, the sum of dollars being deployed to clean up our power systems keeps rising.

For the rest of this article: