Mining giant Fortescue says Big Oil is getting it wrong on renewables: ‘Your customers want green energy’

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1. Australian mining tycoon Andrew Forrest, founder and executive chairman of Fortescue, says Big Oil is getting it wrong on renewables — at a time when European energy majors are doubling down on fossil fuels to boost near-term shareholder returns.

   Britain’s BP and Norway’s Equinor have both recently outlined plans to slash renewable spending in favor of oil and gas. London-listed Shell, meanwhile, has also scaled back green investment plans.

   U.S. oil majors such as Exxon Mobil and Chevron, which have outperformed their European rivals in recent years, have typically advocated for transition options such as carbon capture and storage and hydrogen, rather than for renewable technologies like wind and solar.

   “I’ve always found that the customer is always right, which is why we’re going renewable and moving away from oil and gas because our customers are saying, ‘we want energy but not at any cost, and if you can give us green energy at the same price as dirty [energy] then we are going to buy green every day.’ That’s my job, and that’s Fortescue’s job,” Forrest told CNBC’s “Squawk Box Europe” on Monday.

   More: [https://cnb.cx/4iC0ad6](https://cnb.cx/4iC0ad6)

2. Vested interest says vested interest is wrong shocker!

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