Australian mining billionaire Andrew Forrest has launched an investment fund he hopes will be worth at least $25bn (£21bn) to help rebuild war-torn Ukraine. Mr Forrest and his wife have committed $500 million to the fund, which organizers say could eventually grow to $100 billion. Ukraine’s Green Growth Initiative plans to invest in primary infrastructure such as energy and telecommunications networks. President Zelensky welcomed the move. “We will take advantage of the fact that what the Russians have destroyed can easily be replaced with the latest, most modern green and digital infrastructure,” Zelensky said. The fund said it was working with Larry Fink, the chairman of investment giant BlackRock, and hoped to win the support of sovereign wealth funds and other professional investors. Since work on the investment fund began in early March, Mr Forrest said he had discussed the plan with a number of world leaders, including US President Joe Biden, then UK Prime Minister Boris Johnson and the president of the European Commission Ursula von der Leyen. “The president [Zelensky] sees it as an opportunity to completely replace old coal burning [and] nuclear power stations with brand new green energy,” Mr Forrest told the BBC. “This capital will be available once Russian forces have withdrawn from the Ukrainian homelands,” he added. Mr Forrest made his fortune from Australia’s mining boom. He is the founder and executive chairman of iron ore giant Fortescue Metals. In recent years it has turned its attention to sustainable technology, with initiatives to decarbonize its mining operations and become a major producer of green hydrogen.
Reconstruction of Ukraine
The Russian invasion of Ukraine has seen large parts of the country’s infrastructure damaged or destroyed. Recent Russian missile attacks have targeted Ukraine’s energy grid, including power plants. In July, Ukrainian Prime Minister Denis Smykhal said it would cost $750 billion to help the country recover from the war, which had caused $100 billion in direct damage to infrastructure. The story continues Australian mining magnate Andrew Forrest This week Russia angrily rejected international calls to pay for the war damage it has caused in Ukraine. It came after the UN General Assembly passed a resolution requiring Russia to face the consequences of its actions, including paying reparations. General Assembly resolutions carry symbolic weight, but do not have the power to enforce compliance. The Kremlin said it would work to stop the West from tying up its international reserves to pay for reparations.
