Australia’s richest person, the iron ore billionaire Gina Rinehart, has lashed out at net zero policies, describing them as “unobtainable” and a “magic pudding”, and suggested only those people who want to cut emissions should pay for them.
The new tirade against green energy and climate policies are in stark contrast to rival iron ore billionaire Andrew Forrest, who describes net zero as a “con”, but only because he argues Australia and the world should go faster and reach “real zero”, and burn no fossil fuels, within a few decades.
Rinehart’s comments came as her company Hancock Prospecting and Rio Tinto announced the joint development of the Hope Downs iron ore development in the Pilbara, in which each will invest $1.23 billion.
The Pilbara iron ore province is a hot spot for new wind and solar development. It is one of Australia’s richest economic zones, but has been almost entirely dependent on gas, oil and diesel for power and transport.
Forrest’s Fortescue Industries has set a target of reaching “real zero” by 2030 – burning no fossil fuels for mining operations or terrestrial transport – and BHP and Rio have also invested in electric haul trucks, solar and battery storage as they also seek to cut emissions. Hancock, however, has shown little movement on this issue.
“Chasing the unobtainable and expensive magic pudding that net zero is will negatively impact our way of life for generations to come,” Rinehart said, according to a report republished on Hancock’s website.
“Why not let those who want to reduce their emissions do so, and who want net zero efforts, be the ones who pay for them … while Australia instead follows the lead of USA and other countries who put their citizens first.”
Rinrhart also made some other contentious claims.
“The truth hiders are not telling us, manufacturing often requires 24-hour reliable electricity, such as dairy and aluminium, steel and AI, they ignore the consequences,” she said.
“The truth avoiders are not telling us, that given the increasing introduction of renewables, businesses, even small ones, are being called up by bureaucrats demanding they stop using mains at times, so that thousands of homes in the cities don’t lose power at peak times.
“The truth twisters are not telling us of the trillion plus of taxpayers’ dollars net zero will cost, or the further trillion businesses will have to pay for net zero.”
This might be news to Rio Tinto, which has flagged it needs to switch from coal fired generation to a mix of wind, solar and storage if its giant aluminium smelters and refineries in the state of Queensland are to continue operations into the next decade. It says this is an issue of emissions, and of costs.
Analysis from two of Australia’s leading energy experts has also pointed to the fact that, were it not for renewables, then the cost of electricity in Australia might be up to 50 per cent higher than where it is now.
And multiple experts, from the market operator down through the big utilities, the owners of the ageing coal fired generators, to academics have pointed to the fact that the old paradigm of always on “baseload” generation is in the past, and the focus of future low cost, low emissions grid is on demand flexibility, and dispatchable resources.
Rinehart’s comments are notable because, apart from being a highly visible supporter of Trump, she has considerable influence over conservative politics in Australia, and has been a key funder of right wing think tanks, such as the IPA, which oppose climate and renewables policies, and which are amplified in the Murdoch media.
Hancock is also a sponsor of the Bush Summit, a Murdoch media initiative that has just announced a new series of conferences across rural Australia, beginning in the W.A. town of Broome in August, and working through the eastern states.
An announcement about the bush summit posted on Hancock’s website says the summit will examine the impact of policymaking on regional Australia and explore solutions to reduce burdens facing rural households and businesses.
“It will also investigate both the impact of and responses to natural disasters in regional Australia, from devastating droughts to catastrophic floods. Critical issues to be addressed include the energy policy, red and green tape, cost of living, healthcare, housing, infrastructure, taxation, trade and education.”
There is no mention of climate change. Perhaps prime minister Anthony Albanese will set the record straight when he addresses the summit in Ballarat in late August.
