With Russia still waging war on Ukraine, Germany wants to achieve energy independence.
Background: Fortescue Metals is one of Australia's biggest mining groups, but it's also got a 100% renewable energy division called Fortescue Future Industries (FFI).
What happened: FFI has reportedly signed a US$50 billion deal (thats BILLION) with a major German energy company named E. ON. The plan is to provide gas to 50 million households.
What else: If it achieves this, it'll replace a third of Germany's current gas and oil imported from Russia and increase Germany's energy independence.
💡 Energy independence is the idea of eliminating the need to import energy resources from other countries. Ya know, control your own destiny.
💡Germany don't want to rule out imports altogether, they just want to achieve energy independence from Russia.
💡With Russia still waging war on the Ukraine, the EU has realised it's put way too much at stake by just relying on Russian exports. So, the green deal with Fortescue could be Germany's golden ticket to energy security.
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