FFI to develop green energy and hydrogen projects in Papua New Guinea
Renewable energy and green hydrogen developer Fortescue Future Industries Pty Ltd (FFI), a subsidiary of Australia-headed Fortescue Metals Group Ltd, has announced that it is partnering with Papua New Guinea (PNG), one of the most renewable energy-rich countries in the world, to develop multiple large-scale green energy and green hydrogen projects.
According to a statement, these power projects would generate renewable electricity for the purpose of producing green hydrogen and green ammonia, creating a significant new domestic energy and export industry for PNG, which currently heavily relies on imported oil.
Our green energy vision for PNG will lead to more jobs, a stronger economy, thriving communities, and importantly, lower emissions for Papua New Guinea. We share Prime Minister Marape’s vision that PNG can be at the forefront of developing hydropower and geothermal resources for the emerging global green hydrogen industry. We are looking forward to continuing our work alongside the Government of Papua New Guinea to develop these important opportunities, said Julie Shuttleworth, CEO FFI.
FFI’s identified projects in PNG could produce up to 2.3 million tonnes of green hydrogen per year once completed.
These projects will completely transform PNG to become a leader in the world’s renewable energy transition. We are committed to ensuring PNG’s communities benefit from growth and development through these projects, including training, employment, and business development opportunities, said Dr Andrew Forrest, Chairman of Fortescue.
FFI’s proposed Purari Wabo Hydropower project and West New Britain Geothermal project have made significant progress with scoping studies and early-stage pre-feasibility works completed.
FFI’s projects will be conducted in full compliance with PNG laws and adhere to strict international best practice standards relating to the conservation and protection of the environment, biodiversity and cultural heritage, occupational health and safety, anti-bribery and corruption, anti-money laundering, and eradicating modern slavery.
We are proud that our investment contracts place human rights, environment, and then economics, in that order, in every discussion we have with every government in the world. FFI will also undertake extensive community, landowner, and stakeholder engagement to develop a detailed national content plan as part of its stakeholder investment strategy, Julie Shuttleworth said.