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Billionaire Bets on “Real Zero” and Keeps Project at the Pecém Complex Even After Financial Criticisms and Adjustments to International Plans
One of the largest energy transition projects in the world is being developed in Brazil. The Australian mining company Fortescue Metals, led by billionaire Andrew Forrest, is betting on the Pecém Complex in Ceará to install a green hydrogen hub valued at up to US$ 18 billion.
The initiative, confirmed in 2022 with the signing of a pre-contract, could transform the state into one of the major centers for production and export of the fuel in the global scenario. However, the project is moving forward amid financial criticisms, market fluctuations, and significant strategic adjustments.
Fortescue Faces Criticisms and Losses in the Market
Forrest’s strategy of betting on clean energy has been labeled by conservative analysts as “green fantasy”. In August 2024, Fortescue’s shares were worth 35% less than at the peak of the same year. Moreover, according to Bloomberg, the businessman’s fortune has fallen to US$ 25 billion, causing him to lose the lead in Australia’s billionaire rankings.
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Despite the pressure, Forrest told the magazine Veja Negócios that he “does not accept” the criticisms. In addition, he emphasized that the shareholder base has increased from 50,000 to nearly 200,000 in just a few years. For him, the numbers confirm solid market support.
The Concept of “Real Zero” and the Goal by 2030
Unlike most mining companies that adopt net zero through carbon offsets, Forrest advocates for the concept of “real zero”. That is, completely eliminating the use of fossil fuels by 2030.
The ambition is bold: the company produces more than 170 million tons of iron ore per year from two of the largest mines on the planet. Thus, Fortescue will need large volumes of renewable energy, justifying the choice of Ceará as a strategic destination.
Ceará as a Clean Energy Platform
According to Max Quintino, president of the Pecém Complex, the arrival of Fortescue strengthens the industrialization of the state. In addition, it attracts new production chains and consolidates Brazil as a exporting powerhouse for green hydrogen.
The contract signed in 2022 was the first of its kind in Pecém. Thus, it paved the way for six other companies interested in investing in the region. If it progresses, the project will be the largest in the economic history of Ceará.
Potential and Uses of Green Hydrogen
Hydrogen is not a source but rather a energy vector. It is produced through electricity and can be converted back into energy when needed. This characteristic makes it essential for storing solar and wind energy, which are intermittent.
According to the National Electric System Operator (ONS), the fuel can also power trucks, trains, and heavy ships, especially in areas without infrastructure. In addition, hydrogen is an industrial raw material in various sectors, expanding its relevance.
Timeline and Decisions in Pecém
The seven companies that signed pre-contracts in Pecém, including Fortescue, have until 2026 to make a final decision on investments. In this regard, production is expected to start by the end of 2027.
In August 2024, Fortescue suspended similar projects in Australia (due to high costs) and in the United States (affected by the Trump effect). Nevertheless, the project in Ceará was maintained, reinforcing its strategic priority.
Chinese Financing and Geopolitical Dispute
In early August 2024, Fortescue secured a deal with the Bank of China for the largest financing ever for a foreign company: 14 billion yuan (about US$ 2 billion).
China, which is already the main destination for the company’s iron ore, is expected to be the largest importer of “green iron”. Forrest, a critic of Donald Trump, stated that as the United States withdraws, China and Fortescue are advancing.
Renewable Structure and Technology in Australia
In Australia, Fortescue already operates a solar plant and has another under construction. Additionally, it is investing in 640 km of transmission lines and large-scale batteries.
The company has also ordered electric trucks and drill rigs and is already using clean energy-powered excavators. The system will be coordinated by software capable of reducing waste and integrating autonomous machines.
According to the company, the use of artificial intelligence in heavy machinery generates 30% energy savings. As a result, the projected investment in this area reaches US$ 6.2 billion.
Fortescue Zero and the Green Pioneer Ship
To expand innovation, Fortescue created the subsidiary Fortescue Zero, focused on clean technologies and engineering solutions for the heavy industry.
Among the projects under development are emission control systems, smart batteries, and autonomous vehicles. The most symbolic example is the Green Pioneer ship, powered by ammonia, which is expected to dock in Belém during COP30 in 2030.
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