Andrew Forrest believes a Trump presidency won’t spark iron ore crash or dash FMG’s green energy hopes
Fortescue executive chair Andrew Forrest thinks Donald Trump is a “pragmatic economic guy” above all else, which he believes bodes well for Australia’s key commodity and his company’s own green energy ambitions.
This is despite conceding that Mr Trump is “very, very positive about fossil fuel”.
Sign up to The Nightly's newsletters.
Get the first look at the digital newspaper, curated daily stories and breaking headlines delivered to your inbox.
By continuing you agree to our Terms and Privacy Policy.Western Australia’s richest man said the looming prospect of another Trump presidency in the US was not a negative and told journalists after Fortescue’s annual general meeting in Perth on Wednesday that he was optimistic about what the future holds given Mr Trump is an “economic pragmatist”.
“The biggest surge in investment which the US has had, has of course been renewable energy, so he (Donald Trump) is going to keep that economic engine rolling,” he said.
“The biggest trading partner the United States has ever and will ever have is China, let’s not forget that they butter each other’s bread.
“The amount of horsepower in the tank of China’s economy and their ability to self-stimulate is phenomenal.”
Mr Forrest conceded that Mr Trump, who has said the US should stick with fossil fuels for the foreseeable future, is not the climate warrior he is.
Fortescue is building a green hydrogen plant in the US state of Arizona and has set up a New York-based investment fund to help finance its lofty green energy ambitions.
Those ambitions came under some investor scrutiny at the company’s AGM, with one shareholder remarking that Fortescue has quietly lost nearly $2 billion over the past two years alone chasing its green energy dreams.
The company’s share price has fallen by more than a third since the start of this year.
