Can renewable energy turn Australia into a global superpower? | 60 Minutes Australia

Summary

Australian 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.