Summary:
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Andrew Forrest, an Australian mining tycoon, has set up an investment fund that is expected to be worth at least $25 billion (£21 billion) and will help rebuild war-torn Ukraine.
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Mr. Forrest and his wife have contributed $500 million to the fund, which its organizers predict will reach $100 billion.
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The Ukraine Green Growth Initiative plans to put money into electricity and communication networks which are very important.
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Mr. Forrest says that President Zelensky sees this as a chance to eliminate all old coal and nuclear power plants and replace them with green energy.
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Ukraine’s reconstruction due to the Russian invasion of Ukraine, much of the country’s infrastructure has been destroyed or damaged.
Andrew Forrest, an Australian mining tycoon, has set up an investment fund that is expected to be worth at least $25 billion (£21 billion) and will help rebuild war-torn Ukraine.
Mr. Forrest and his wife have contributed $500 million to the fund, which its organizers predict will reach $100 billion.
The Ukraine Green Growth Initiative plans to put money into electricity and communication networks, which are very important.
Zelensky commended the action.
The latest, most cutting-edge green and digital infrastructure can easily replace what the Russians destroyed, Mr. Zelensky said. “We will take advantage of this fact,” he added.
The fund said it had been working with Larry Fink, the chairman of financial giant BlackRock, and hoped to win over sovereign wealth funds and other experienced investors.
Mr. Forrest said that since he started working on the investment fund in early March, he has talked about it with world leaders like US Vice President Joe Biden, former UK Prime Minister Boris Johnson, and European Commission President Ursula von der Leye.
Mr. Forrest says that President Zelensky sees this as a chance to eliminate all old coal and nuclear power plants and replace them with green energy.
“That capital would be easy to get to as soon as the Russian military leaves Ukraine’s territory,” he said.
Mr. Forrest benefited financially from the mining boom in Australia. The world’s largest producer of iron ore, Fortescue Metals, was founded by him.
In the past few years, he has focused on green technology. He has taken steps to make his mining operations use less carbon and grow into a major green hydrogen producer.
Ukraine’s reconstruction
Due to the Russian invasion of Ukraine, much of the country’s infrastructure has been destroyed or damaged.
Russian missiles have recently attacked Ukraine’s energy infrastructure, notably its power facilities.
The prime minister of Ukraine, Denys Shmyhal, said that the country would need $750 billion to get back on its feet after the war, which directly damaged infrastructure to the tune of $100 billion.
This week, Russia firmly turned down calls from around the world for it to make up for the damage it did to Ukraine during the war.
It happened after the UN General Assembly passed a resolution saying that Russia should pay for its actions, which could include making amends.
Resolutions passed by the General Assembly have symbolic value but no legal force.
The Kremlin said it would do something to stop the West from taking its foreign reserves to pay for damages.
Analysis by: Advocacy Unified Network
