Can renewable energy turn Australia into a global superpower? | 60 Minutes Australia
Summary
TLDRAustralian billionaires Andrew 'Twiggy' Forrest and Mike Cannon-Brookes are leading a green energy revolution, investing billions in renewable technologies to replace fossil fuels. They envision Australia becoming a 'green energy superpower,' with cheap, clean energy produced from solar, wind, and hydrogen. Despite government resistance, they're committed to transforming the nation's energy landscape for economic and environmental benefits.
Takeaways
- 💰 Australia's two richest men, mining magnate Andrew 'Twiggy' Forrest and tech entrepreneur Mike Cannon-Brooks, are investing in renewable energy technologies aiming to make a profit while combating climate change.
- 🌿 They believe that renewable energy sources like wind, solar, and hydrogen can produce all the energy the world needs and are economically viable, positioning Australia to become a green energy superpower.
- 🔄 Forrest is particularly focused on green hydrogen, aiming to make his iron ore business carbon neutral and export this technology globally, emphasizing that hydrogen can be both environmentally friendly and profitable.
- 🚀 Cannon-Brooks is involved in the 'Sun Cable' project, which plans to export solar energy from the Northern Territory to Singapore via a massive undersea cable, showcasing Australia's potential as a renewable energy exporter.
- 💡 Both businessmen are self-funding their ventures into renewable energy, investing billions of dollars to develop technologies to replace fossil fuels, demonstrating a shift from philanthropy to profit-driven climate solutions.
- 🛑 Despite the potential economic benefits, there is a lack of government support for these initiatives, with the federal government being described as obstructionist to the rapid transition to renewable energy.
- 🗳️ The script highlights a recent failed takeover bid by Cannon-Brooks to transform Australia's largest emitter of greenhouse gases, AGL, into a green energy hub, which was rejected without being presented to shareholders.
- 🌍 The potential for Australia to lead a 'renewables revolution' is significant, but there is a fear that without strong government support and policy changes, the country may miss its opportunity to be a global leader in clean energy.
- 📉 The closure of traditional coal-fired power stations like Liddell signifies the end of an era and the beginning of a transition to more efficient and cleaner energy sources, presenting both challenges and opportunities.
- 🌞 Australia has abundant natural resources that could make it a leader in renewable energy production, with the potential to supply not only its own needs but also become a major exporter of clean energy.
- 💼 The narrative from these billionaires emphasizes that the transition to green energy is not just an environmental imperative but also a significant economic opportunity that can create jobs and drive innovation.
Q & A
What are Andrew 'Twiggy' Forrest and Mike Cannon-Brookes' views on renewable energy and its economic potential?
-Andrew 'Twiggy' Forrest and Mike Cannon-Brookes believe that renewable energy, such as wind, solar, and hydrogen, can produce all the energy the world needs without being cost-prohibitive. They see it as an opportunity for Australia to become a green energy superpower, with the potential to reduce prices and save the planet from climate change.
What is the 'Sun Cable' project, and how does it aim to utilize Australia's renewable resources?
-The 'Sun Cable' project is an ambitious plan to connect the Northern Territory of Australia to Asia via a mammoth undersea high voltage DC cable. It intends to harness the power of the world's largest solar farm in the Northern Territory, transmitting renewable energy to Singapore, thereby providing a significant portion of Singapore's energy needs from Australian sunshine.
How does Andrew 'Twiggy' Forrest plan to transform his iron ore business to be carbon neutral?
-Twiggy Forrest plans to make his iron ore business, which emits 2.2 million tons of carbon dioxide annually, 100% green by fine-tuning green hydrogen—a fuel with zero emissions. He aims to power his mining operations and eventually all of Australia with this clean energy source.
What is Mike Cannon-Brookes' vision for increasing the percentage of electricity from renewable sources in Australia?
-Mike Cannon-Brookes envisions increasing the percentage of Australia's electricity from renewable sources, such as sun, wind, and hydro, from the current average of 30% to 100% and beyond. He believes that with the right technology and investment, Australia can achieve the cheapest price of power on the planet.
What was the outcome of Mike Cannon-Brookes' takeover bid for AGL, and why was it rejected?
-Mike Cannon-Brookes' takeover bid for AGL, Australia's biggest emitter of greenhouse gases, was rejected without being taken to the shareholders. The bid promised to close AGL's three existing coal-fired power plants 15 years sooner than scheduled and transition the site into a green energy hub, but it failed in part due to a lack of government support.
What is the significance of the world's largest electrolyzer facility that Twiggy Forrest and his wife Nicola are developing?
-The world's largest electrolyzer facility, being developed by Twiggy Forrest and his wife Nicola, is significant because it represents a major investment in green technology. The facility, powered by solar and wind, will produce hydrogen with no emissions, contributing to the goal of decarbonizing industry and energy production.
What is the role of government policy and business courage in the transition to renewable energy according to the script?
-According to the script, government policy and business courage are crucial for the transition to renewable energy. They are identified as the main obstacles standing between Australia and its potential future as a leader in renewable energy. The script suggests that both liberal and labor parties need to support this transition for the economic and environmental benefits it could bring.
How does the script describe the potential economic opportunity of renewable energy for Australia?
-The script describes the potential economic opportunity of renewable energy for Australia as immense, suggesting that it could become the largest exporter of energy and a 'renewable energy superpower'. It implies that this transition could lead to significant economic growth and job creation.
What is the current state of coal-fired power stations in Australia, and what does the future hold for them?
-The script indicates that Australia, like much of the world, has promised to reach net-zero greenhouse gas emissions by 2050, which implies a significant reduction in the use of coal-fired power stations. More than a third of these stations have already shut down, and the remaining ones are fast approaching the end of their life, being outdated by more efficient and cleaner plants.
What is the role of hydrogen as a clean energy source according to Andrew 'Twiggy' Forrest?
-According to Andrew 'Twiggy' Forrest, hydrogen plays a crucial role as a clean energy source. He believes that green hydrogen, produced with zero emissions, can power not only his mining operations but also the entire country in the future. He sees hydrogen as a fuel that can replace fossil fuels and contribute significantly to reducing carbon emissions.
Outlines
🌿 Green Energy Revolution by Billionaires
Australian billionaires Andrew 'Twiggy' Forrest and Mike Cannon-Brooks are leading a green energy revolution, aiming to transform the country into a renewable energy superpower. They believe in the potential of technology to produce energy from renewable sources economically and are investing their own money to develop technologies that replace fossil fuels. Forrest is focusing on green hydrogen, aiming to make his iron ore business carbon-neutral, while Cannon-Brooks is involved in large-scale renewable projects, such as the Sun Cable linking solar energy from Australia to Asia.
💰 Profit and Planet: The Economic Opportunity of Green Energy
Both Forrest and Cannon-Brooks emphasize that the transition to green energy is not just environmentally beneficial but also a massive economic opportunity. They argue that renewable energy can be cheaper for consumers and more profitable for businesses. Forrest is investing in green hydrogen production, aiming to export it and make Australia a leader in this sector. Cannon-Brooks is involved in projects that utilize Australia's abundant sunshine and wind to produce cheap, clean energy for export, showcasing the potential for Australia to become an energy exporter and a leader in the renewable energy market.
🔋 The Future of Energy: Green Hydrogen and Renewable Integration
The script discusses the potential of green hydrogen as a clean fuel source with zero emissions, which Forrest is championing. He is investing heavily in the development of electrolyzer facilities to produce hydrogen from renewable energy sources. The goal is to demonstrate that green energy can be both profitable and sustainable, replacing traditional fossil fuels and reducing carbon emissions. The narrative also touches on the current state of renewable energy integration in Australia's energy grid and the challenges faced in increasing this integration to 100%.
🛑 Overcoming Obstacles: The Struggle for a Green Transition
Despite the billionaires' efforts, there are significant obstacles to the green energy transition in Australia. Cannon-Brooks' takeover bid for AGL, one of the country's largest emitters of greenhouse gases, was rejected, highlighting the lack of government support for rapid change in the energy sector. The narrative explores the tension between business interests and government policy, with the government appearing to prioritize stability in the electricity supply over rapid decarbonization.
🌐 Global Impact: The Broader Vision for a Sustainable Future
The final paragraph touches on the broader vision of a sustainable future, where the transition to green energy is not only beneficial for Australia but also has global implications. It discusses the potential for Australia to become a leader in the renewable energy sector, influencing other countries to follow suit. The script also highlights the personal motivations of the billionaires involved, emphasizing their commitment to making a profit while also addressing environmental challenges and the need for industry to take the lead in combating climate change.
Mindmap
Keywords
💡Renewable Energy
💡Green Hydrogen
💡Climate Change
💡Emissions
💡Fossil Fuels
💡Energy Superpower
💡Investment
💡Technology
💡Economic Opportunity
💡Government Policy
💡Net Zero Emissions
Highlights
Mining magnate Andrew 'Twiggy' Forrest and tech entrepreneur Mike Cannon-Brookes are leading the charge in renewable energy, aiming to transform Australia into a green energy superpower.
They believe that technology now allows for the production of all the world's energy needs from renewable sources such as wind, solar, and hydrogen, at a cost-effective price.
Forrest and Cannon-Brookes are investing billions of dollars of their own money to develop technologies that replace fossil fuels with renewable energy sources.
Andrew Forrest is committed to making his iron ore business, which emits 2.2 million tons of carbon dioxide annually, 100% green through green hydrogen.
Green hydrogen is a fuel with zero emissions, which Forrest aims to use not only for his mining operations but potentially for the entire country.
Mike Cannon-Brookes is involved in the Sun Cable project, which plans to send renewable energy from the Australian outback to Singapore via an undersea cable.
The Sun Cable project aims to provide 20% of Singapore's energy needs entirely from renewable sources by 2030.
Cannon-Brookes has faced challenges in his attempts to buy and transform old, dirty technology into clean energy due to lack of government support.
Australia has the potential to increase its current 30% renewable energy share to 100% and beyond, according to Cannon-Brookes.
The country has set a goal to reach net-zero greenhouse gas emissions by 2050, which includes phasing out aging coal-fired power stations.
Cannon-Brookes made a takeover bid for AGL, Australia's biggest emitter of greenhouse gases, with a plan to close its coal-fired power plants 15 years earlier than scheduled.
The bid was rejected by AGL without being presented to its shareholders, partly due to a lack of government support.
Andrew Forrest is building the world's largest electrolyzer facility in Gladstone, Queensland, to produce green hydrogen from solar and wind power.
Forrest's investment of three billion dollars aims to demonstrate that heavy industry can transition to renewable energy profitably.
Both Forrest and Cannon-Brookes emphasize that the transition to renewable energy must be economically viable and sustainable.
The Australian government's stance on the energy transition has been criticized for being obstructionist by the billionaires leading the renewable charge.
The energy transition presents a significant economic opportunity for Australia, potentially making it the largest exporter of renewable energy.
The billionaires argue that the focus should be on utilizing technology to build a clean industrial future for the country.
Despite setbacks, Forrest and Cannon-Brookes remain committed to proving that renewable energy can be both environmentally friendly and economically beneficial.
Transcripts
not only are mining magnate andrew
twiggy forest and techwiz mike cannon
brooks australia's two richest men the
multi-billionaires also claim to be
alchemists
they boast they can turn green into gold
that the technology is now available to
produce all the energy the world needs
from renewable sources like wind solar
and even hydrogen
what's more it's not cost prohibitive it
makes economic sense
and with the greatest supply of these
resources on the planet forest and canon
brooks reckon instead of australia being
a climate villain
very soon will be a green energy
superpower
prices will fall and the planet will be
saved from burning to a crisp
[Music]
billionaires iron ore magnate andrew
twiggy forest and tech wizard mike
cannon brooks are in the business of
making money and sometimes making a
difference
right now their focus is on making bows
it's certainly beautiful i can see why
you want to save the planet
it goes against everything we've heard
but they believe fortunes will be made
by wiping out fossil fuels heralding the
dawn of a new golden age in australia to
describe you as a green mining magnet
is that an oxymoron
there's nothing wrong with mining it's
essential everything around us is made
from steel and
other metals what we have to do is turn
mining green
people don't believe that we can have
cleaner energy
they can also be cheaper for customers
and that people could make money doing
this
that is literally what we are proposing
to do
you think we're going to fail let us
have a go we won't fail we can do this
[Music]
with renewables becoming ever cheaper
it's now profits not philanthropy
driving realistic and reasonable
solutions to climate change
and it's big business not government
prepared to pay for it
this is coal don't be afraid don't be
scared
the treasurer knows the rule on props
it's coal
but with our government seemingly stuck
on coal tony wood from melbourne's
gratton institute says the fear is we
will lose our chance to lead the world
into a renewables revolution
this is the biggest
transition
that our economy will see outside
wartime and
we're not doing it very well at the
moment there's no word for polophobia
officially mr speaker but that's the
malady that afflicts those opposite how
would you rate the australian federal
government
oh on this issue on a show just before
an election
what a thankless question well um you're
in the big game now yeah we're in the
big game now um
look my views are public and on the
record
both liberal and labor
really need to pull their socks up
because there is a huge future for every
australian
if we grasp that korean energy future
and what's standing between ourselves
and that future is not sun it's not wind
it's not technology it's government
policy and business courage
and i'm saying to both liberal and labor
do your bit
and business
we will be assured come straight away
together and apart these titans of
business are spending billions of their
own money to develop their own
technologies to replace fossil fuels
like coal and oil
instead they see australia as the
potential top consumer and exporter of
cheap renewables harnessing wind and
solar on a scale never done before
as well as developing a zero emission
fuel
we ran a massive scientific analysis
over the world to see if there was
actually enough energy and we have
concluded
yes there's enough green energy in the
world to never have to
burn another drop or another pound of
coal or oil where is that green energy
well just a small percentage of
australia can completely power the world
tara
[Music]
twiggy has vowed to turn his iron ore
business which emits 2.2 million tons of
carbon dioxide a year 100 green
to make this extraordinary
transformation twiggy has spent the last
decade fine-tuning green hydrogen a fuel
with zero emissions
not just to power his mining operations
but one day soon all of australia
i wake up to newspaper articles
explaining to me in literary detail what
an idiot i am
twiggy is certain hydrogen will win over
supporters not because it's green but
because it's cheap and has huge earning
capacity in exports
you are a force of nature
but is that enough
um it's certainly not enough no i'm but
one
one one person someone
has to be the mug
with the arrows in the back going first
no longer is there an excuse that yeah
we'd really love to use green hydrogen
but we have to use fossil fuel all we
have but he's happy to lead the way
because he believes this green gas will
save the planet and green hydrogen can
cover 100
of the world's carbon emissions is there
irony to the fact that it's your metals
mining that's funding your green arm
look i really don't think so the fact
you've got a metals and mining business
which has a carbon footprint that
through its very example it can
eliminate
and it can fund this the most aggressive
adventure into technology and new
projects the great hydrogen the world
has ever seen and be first both of those
i don't think it's an irony i think it's
an obligation
is it an obligation you can meet are you
certain that the dream
that you believe in is achievable
yes
it's no longer a dream or a vision tara
it's a strategy
the right decision is to invest in green
energy and green hydrogen because
twiggy's strategy will see 15 million
tons of green hydrogen produced a year
by 2030. he's already trialling the
technology in his heavy haulage trucks
and his export ships where his
industrial emissions are highest
we've got our first truck rolling with
zero pollution our first train rolling
with zero pollution and our first ship
engine rolling with zero pollution are
they yet able to work at capacity at the
capacity that you need them to tara we
are we are breaking the ground we are
proving about this proof of concept
world first and everything i'm saying
and of course what what you're saying
tara is the creation of history
and when it comes to powering our homes
that history says twiggy will be
affordable
can you say to the people who are
watching you tonight that your power
bills
are not going to be crazy high that you
will get supply on a constant and
regular basis yes
imagine for a moment that
we were completely energy sufficient in
fact
we were exporting heaps of energy and we
were totally green and making all we
needed ourselves
that world is around the corner we have
to grasp it we can be the largest
exporter of energy the renewable energy
superpower it is
the single largest economic opportunity
for australia the single last economic
transition in the world will go through
decarbonizing all of our machines
we have to show people that this is a
way to you know to put their capital to
work
[Music]
in a partnership that includes twiggy
forest mike cannon brooks the co-founder
of software giant atlassian valued at 85
billion dollars is hard at work selling
our unrivaled sunshine to singapore
the ambitious sun cable project will
connect the northern territory to asia
by a mammoth undersea high voltage dc
cable
so we're literally sort of sending
electrons
down a cable from one end to the other
think of it as a giant extension cable
you'd buy from bunnings
it's an extension cable that will travel
more than
000 kilometers linking the world's
largest solar farm in the northern
territory to darwin and then under the
sea to singapore powering up in just
eight years time
and deliver about 20 of singapore's
energy entirely renewably
and reliably from australian sunshine to
right into the heart of singapore
[Music]
but in other projects closer to home
mike's grand vision for a green future
has stumbled his attempts to buy up
dirty old technology to transform into
new clean energy
thwarted by those at the very top
the government's almost saying go away
it was just bizarre
in that bid there was 20 billion dollars
worth of foreign investment offered to
this country there was a promise of
supply to be maintained a promise to
create more jobs why didn't the
government back that
encouragingly right now on average 30
percent of our electricity comes from
sun wind and hydro
but billionaire businessman mike cannon
brooks says that can be increased to 100
and well beyond
we have the sunniest windiest country on
earth with
what should be the cheapest price of
power anywhere on the planet and we can
absolutely get there with technology we
have today
[Music]
australia like much of the world has
promised to reach net zero greenhouse
gas emissions by 2050
that means bye-bye to our ageing
coal-fired power stations
more than a third have already shut down
[Music]
50 years old it's done its duty
agl plant manager lynn mclaughlin is
taking me on a tour of liddell one of
the longest standing coal-fired power
stations in the new south wales hunter
valley
over here you can see that's the
substation
built in the early 70s liddell is
considered a legacy coal-fired power
plant modern for its time but now fast
approaching the end of its life outdated
by more efficient and cleaner plants
while its closure in just a year's time
marks the end of an era it also
signifies a new beginning
one that doesn't involve coal
it's amazing to see such a legacy end
but there's also a bit of excitement
because
the transition actually offers a an
opportunity for us to actually you know
bring about
something new
as well
a huge environmental and economic
opportunity in february mike cannon
brooks made a takeover bid of agl our
biggest emitter of greenhouse gases
promising to close its three existing
coal-fired power plants 15 years sooner
than scheduled
backed by 20 billion dollars of foreign
investment mike planned to transition
this site into a green energy hub
continuing supply and promising to keep
and create jobs
agl has more emissions than the
countries of sweden new zealand or
ireland
it is more than every single car on the
road in australia more than every single
airplane in our skies international or
domestic and we can change it by 2030 in
a meaningful meaningful meaningful way
if we can do that and show its economic
show that there is money to be made in
doing that
then around the globe we'll have 50
copycat projects and that will be
fantastic
agl thought otherwise rejecting the bid
without even taking the offer to its
shareholders
so dead the deal is done it's not going
to happen
put our pens down we put our
offer to the board the board
didn't mean he feel engaged and
said no
[Music]
head of the gratton institute's energy
program tony wood says the bid failed in
part because of a lack of government
support
there's a long way to go on this
ultimately they will not just need to
try to get the board on side but
shareholders it'll need to get a triple
c approvals
this clear lack of endorsement from
federal energy minister angus taylor
you know we shouldn't be jumping the gun
is the failure of the deal a good thing
or a bad thing for australia it was
surprising that a liberal coalition
government would have had someone come
to australia prepared to spend over the
next little while 20 billion dollars
and the government's almost saying go
away it was just bizarre in my in my
view that that was the way this seems to
have played out why make that decision i
think it's fundamentally about we
have a view that we achieved electoral
success by pushing back on
climate change and we're going to keep
doing that why would the government's
response be that we reject the notion of
closing down coal-fired power stations
sooner than scheduled why would that be
the narrative around a bid like that
well we've said consistently we're in
favor of stability in the electricity
supply so that
industry has the electric electricity it
needs at an affordable price so
australians can have jobs
assistant energy minister tim wilson
agreed to be interviewed after his boss
minister angus taylor declined his
offside is claiming he wasn't well
enough briefed to talk on the subject
with the utmost respect to you
why did the minister angus taylor not
front up today
well i can't answer that all i can say
is i'm happy to be here and i'm really
excited to play a critical part of
building australia's clean industrial
future we want to get there through the
utilization of technology and yet the
people you would employ to introduce
that technology big business uh the
people who want to pay for it describe
the government as obstructionist so how
does that work well they're focused very
clearly on their profit maximisation you
don't accept that their focus is also on
saving the environment i accept that
they're absolutely trying to uh be part
of
confronting an environmental challenge
while making a buck they'll always be
billionaires that want to make more
profits funded from your taxes excuse
the pun if you want to call it that but
isn't it a bit rich when you really are
asking them to to to pay for the new
energy landscape in this country well
what we're hoping is that uh those
people who want to invest in building
the future of this country do so with
enthusiasm but we've obviously got to
make sure we take the whole of the
country with us and we're proud to do
that the economics are on our side
clearly frustrated by the lack of
support iron ore magnate andrew twiggy
forest who also happens to have a phd in
marine ecology
doesn't hold back when it comes to the
energy minister angus taylor
what's the difference between angus
taylor and god well god doesn't think
he's angus taylor
and angus taylor was standing in the
road and i hope he's changing now of the
market of climate science
and of course
the fact we must stop this world from
cooking because it is
does angus taylor feel as fondly about
you as you seem to of him angus and i
have a really direct relationship
[Music]
but with support from the queensland
government twiggy with his wife nicola
have broken ground on the world's
largest electrolyzer facility to be
completed next year here in gladstone
[Music]
they've invested three billion dollars
of their own money to develop the
electrolyzers which powered by solar and
wind produces hydrogen and no emissions
our proposal is to
tap the greatest resource in the
universe which is hydrogen
from the greatest resource in the world
which is water split that water with
natural
totally renewable electricity
and create hydrogen
which when burnt releases enormous
amounts of energy
and goes back to water
until now saving the planet hasn't
encouraged big industry but saving and
making money according to twiggy will
industry must do this profit has to be
the motive
unfortunately if you're going to end
something as big as global warming it
has to be sustainable we've looked at
this hell western crocodile from a
philanthropic perspective over 10 years
couldn't touch the sides of it
we needed
to demonstrate it can be done
with huge and heavy industry
and so we've set out to do it
[Music]
i can do technology work environmental
work anything i need to do i can do it
from from here
home in the southern highlands is
stunning but as someone who's made a
fortune out of writing algorithms
there's nothing more beautiful to mike
cannon brooks than the economics of
saving the planet
have you modeled how much money you'll
make out of this i have not i'm sure
it's in a spreadsheet somewhere it would
be nice not to have to care about that
it is no it is it is it doesn't mean
like
it doesn't mean i can't count it doesn't
mean i don't try to do it for the right
reason
i'm lucky enough
to not need to make the money
but i do see the importance of showing
that this is an investable proposition
that this is a profitable enterprise
and it can reduce
people's price of power it can reduce
our emissions clean our world up all
sorts of ways
and make money is there any regret any
shame that drives you today in regards
to looking to replace the fossil fuel
sector with green energy
no i have precisely no shame now if i
did nothing about it
when i knew i could
then i would have shame
and what i'm saying to my fellow
executives it's fair enough you went and
produced your oil your gas you called
your iron et cetera when you had no
choice when you had a gun at your head
to keep doing it
but you don't have a gun now there is a
choice we can change so therefore we
must change
hello i'm tara brown thanks for watching
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