LONDON — An Australian billionaire says he may step back from investing in U.K. green technologies after the government announced new backing for carbon capture and storage (CCS) technology.
Andrew Forrest, an international investor and climate philanthropist, said U.K. government plans to put billions of pounds into CCS meant “putting Britain’s hopes [on] failed technology.”
The government has committed to providing up to £20 billion for the “early deployment” of carbon capture technology over the next two decades.
Forrest, one of Australia’s wealthiest business people, told POLITICO that he had “deep respect” for Sunak, but described CCS as a climate strategy promoted by the oil and gas industry.
It was an industry “just waiting for the next idiot to come along,” Forrest said.
Forrest, founder of Australian iron ore mining giant Fortescue and chair of its subsidiary Fortescue Future Industries, is already investing in battery production in the U.K. Fortescue recently announced an expansion of operations at a facility in Oxfordshire run by WAE Technologies, which the Australian firm bought last year.
“I’m investing hundreds of millions of pounds in Britain to build up your technology and to build up your expertise,” he said. “That’s at the cutting edge of battery technology, battery intelligence, everything the world needs which will make Britain relevant.”
But he cast doubt on the U.K. as an option for “really big investments, where I go to mass produce these globally-leading technologies.”
Forrest said: “Will I make them in Britain? No. I cannot invest in a country which is basically denying global warming and putting its faith in a failed ‘wait for the next idiot to come along’ solution called CCS.”
CCS technology involves capturing carbon emissions from fossil fuel production or industry, transporting them, and storing them underground or under the seabed.
While some scientists believe it will play a role in counterbalancing emissions from industries that are hard to decarbonize, many climate campaigners are skeptical about the technology’s viability in the near-term. Friends of the Earth on Monday called the government’s carbon capture announcement a “green gloss” on their oil and gas plans.
TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 103.40 points at 24,542.48.
In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.
The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.
The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.
The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.
This report by The Canadian Press was first published Oct. 16, 2024.
TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.
The S&P/TSX composite index was up 205.86 points at 24,508.12.
In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.
The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.
The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.
The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.
This report by The Canadian Press was first published Oct. 11, 2024.
TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.
The S&P/TSX composite index was up 0.05 of a point at 24,224.95.
In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.
The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.
The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.
The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.
This report by The Canadian Press was first published Oct. 10, 2024.
