Australian iron ore miner Fortescue will move its business out of the US if policy around hydrogen “goes the wrong way,” says executive chairman and founder, Andrew Forrest.

He was speaking at Economist Impact’s Sustainability Week event attended by Kallanish in London on Tuesday.

“We have billions of dollars of projects in North America, which are waiting for clarity from this administration,” Forrest told delegates. “If it goes the wrong way, we press pause. All those jobs... all those investments will not happen in North America.”

However, the executive emphasises that hydrogen development “is going to happen,” with the company switching the investments elsewhere, including North Africa and Europe. “We have got these technologies to make hydrogen cheap.”

“I don’t care if you believe in climate change, I don’t care if you hate green hydrogen, what turns you on, baby. But I know this, you are going to be driven by economic [threat],” Forrest continues. “Your ‘drill, baby, drill’ is going to get wiped out by build, baby, build.”

The executive’s comments come as Fortescue’s green energy arm, Fortescue Energy, last month said it was considering pausing green hydrogen projects in the US and Australia. The company is reconsidering the development timeline for its 80-megawatt hydrogen hub in Arizona, the US.

The Arizona project is planned to produce 11,000 tonnes/year of liquid green hydrogen to serve the heavy-duty transportation sector. First hydrogen had been targeted for mid-2026, with a project capex of $550 million.

Fortescue Energy is also developing its Advanced Manufacturing Center in Detroit, Michigan, to manufacture batteries, fast chargers and electrolysers. Production had been stated to start this year. The company already operates the Colorado Technology Hub, a facility similar to the R&D centres it holds in Australia and the UK.  

Earlier this week, Forrest said the International Maritime Organization (IMO) should set a $100/tonne carbon levy to make green ammonia, a derivative of green hydrogen, happen. (See related story)