It feels like history might just be made in America as the draft Inflation Reduction Act of 2022 goes to a vote in the U.S. Senate in the next few days.
If it passes, it will create and save jobs for Americans and reduce emissions. Coal jobs can be saved with the creation of new opportunities in Green Energy. Roles for new workers, and those that will allow the conversion of career coal workers to become green industrialists.
Our Chairman and Founder, Andrew Forrest spoke about the importance of the Bill, and the real opportunities it opens up for North Americans with the team at Bloomberg Surveillance.
The relevant segment starts at 1:14:31
We can’t afford to wait. Our planet shows too many signs of our slow decision making already. At Fortescue, the green industry technologies we are developing will decarbonise our mining business. They also create job opportunities for zero carbon industry around the world. This Bill sets up many states as green energy superpowers.
Energy transition is coming. The Glasgow Financial Alliance for Net Zero publicly commits 70 trillion in assets to a Net Zero future. We believe that greening industries instead of offsetting them will be both cheaper and more efficient over the life of any investment.
Coal workers have been worried for a while as coal fired power stations have begun to be phased out of grids around the world. The Inflation Reduction Act carries policy settings that will trigger investment and growth in green energy and the energy industry overall. This legislation saves energy jobs and offers more green energy jobs.
Passing the Bill means companies like ours will look to invest in places like West Virginia.
Investments that would have been diverted to Europe will find homes in places like Wyoming, Utah, Texas and New Mexico. We’ve already started to investigate repurposing coal infrastructure for green hydrogen production at Centralia in Portland.
This Bill means very real jobs for very real Americans.