MELBOURNE - Australia needs to match energy policies being unfurled by other countries to make the most of its green energy advantage, the head of Fortescue Metals Group's energy unit said on Monday, as he gave details on five projects it wants to develop.
The US Inflation Reduction Act has been met by policy responses from a range of jurisdictions including the European Union, Canada, Gulf states and India.
"What we would love to see is really some incentives being built into a bilateral (deal) with certain countries, for example Germany," Fortescue Future Industries CEO Mark Hutchinson said, adding they should closely match the incentives in the US Inflation Reduction Act.
His comments echo those from the chief executives of top global miner BHP Group and Australia's top independent gas producers Woodside Energy and Santos.
The iron ore major is building a new business as it seeks to become a top tier clean energy producer, aiming to approve five major projects for development by year end in Norway, Brazil, Kenya and the United States, in Arizona and Texas, he said.
In Norway and Kenya, FFI is looking to build 300 megawatt facilities, with hydropower and geothermal energy to power electrolysers to split water and make green hydrogen, which will then be used to make ammonia.
In Norway, this will be exported to Europe, while in Kenya it will be turned into fertiliser for local farmers.
The US projects would produce green hydrogen for energy.