Mining -Gigant Fortescue says

Australian tycoon Magnate Andrew Forest, founder and executive chairman Fortescuesays Big Oil is mistaken in renewable sources – at a time when European majors in energy double on fossil species To increase the closest profitability of shareholders.

Britain PP and Norway Even Both recently outlined plans to reduce renewable costs in favor of oil and gas. London listed ShellMeanwhile, the “green investment plans” also scale.

US PROGRESS SPECIALS SUPPOSE Exxon Mobil and ChevronWhich in recent years have exceeded their European competitors, usually advocating such transition options Capture and storage of carbon and hydrogenAnd not for renewable technologies such as wind and sunny.

“I always found that the client is always right, and so we go renewing and moving away from oil and gas because our customers say,” We want energy but not at any price, and if you can give us green energy at the same price as dirty (energy), we are going to buy a green every day.Squawk Box Europe“Monday.

“You have data centers that pop up all over Europe and they want green energy when they can get it. They will take dirty (energy) if they can’t, sure. It’s Exxon Mobil’s and General“The argument:” Well, we just do what customers want. “In fact you are not. Your customers want green energy,” Forest said.

“Well, if () oil and gas (industry) do not want to supply green energy, guess what, Fortescue,” he added.

Fortescue, which is the fourth largest miner iron ore in the world The plans outlined To stop burning fossil fuels through their Australian iron ore operations by the end of the decade-and urged other heavy companies to follow the example.

Exxon Mobil and Totalenergies press -secretaries were not immediately available for comments when CNBC appealed on Monday.

Last year Exxon Mobil – Note This expects the fossil fuels to make more than half a combination of energy in the world in 2050, despite the efforts to cross oil and gas. Meanwhile, Totalenergies has become more bigger among its European peers, constantly investing in low carbon technology because it pursues “multimentary‘Offer.

Lindsey Stewart, Director of Research and Investment Policies in Morningstar Sustanalytics, said on Monday that most shareholders seem to be in Supermajors Energy “decided that the funds are the king at least in the short term.”

“They have become accustomed to the constant stream of cash in the form of dividends and ransoms to share in recent years, and they seem to want the management to prize cash in the short term of energy transition,” Stewart CNBC said.

“Guide to some European companies, in particular BP and Shell, replied, reducing the planned investment in the resuscitated capital sources of capital in favor of unlocking cash from fossil fuel assets. None of which are good news for those looking for an accelerated, orderly transition to the lower sources.”

Separately, Espen Erlingsen, Head of the Research Department at Rystad Energy, said European oil giants such as Shell, BP and Equinor have “increasingly leveled their strategies” with their American colleagues in recent years.

“As a result, the energy transition is unlikely to be caused by large oil and gas firms. Instead, there will probably be regional companies focused on electricity leading this way,” Erlingsen said.

Answering the question of how it feels the tendency of US corporations shutout With regard to environmental, social and management (ESG), Forrest Forteza stated that these decisions reflect the impetus for the priorities of the quarterly targets of profits and executive bonuses for future success.

“This is very short-term thinking to distract the climatic goals, because guess who does not listen to you, guess who doesn’t care, guess who you are much more powerful than the US administration (or) those who may be in the White House or the climate itself,” Forest said.

“I don’t mind all talking about”Drill, baby, drill. ‘This is if you want to change the situation in 20 years. But if you want to change the situation in 20 weeks or 20 months, renewable energy and where we are going to change the situation, ”Forest said.

Forrest said on Monday that Fortescue intends to save $ 1.2 billion a year, going to green energy, noting that this indicator represents the annual fossil fuel costs now.

These savings will help create a “green energy” company that will serve us and others over the next generations, “Forest said, adding that creating new and more efficient stable technologies will be used to support other enterprises.

Forrest Fortescue previously called on politicians to move away from “a proven fantasy“Net-Nula’s emissions by 2050 and instead cover real zero by 2050.

Scientists have repeatedly Pushed to rapid reduction of greenhouse gas emissions to stop the average temperature temperature growth. These calls continue through an alarming mileage of temperature records, with the planet registration The hottest year in human history in 2024.

Extreme temperatures have drink According to the climate crisis, the chief driver is burning fossil fuel.