Andrew Forrest, an Australian mining magnate, has formed a $25 billion (£21 billion) investment fund to help rebuild war-ravaged Ukraine.
Mr. Forrest and his wife have contributed $500 million to the fund, which according to its organizers might potentially reach $100 billion.
The Ukraine Green Growth Initiative intends to invest in fundamental infrastructure, including electricity and telecommunications networks.
President Zelensky applauded the decision.
Mr. Zelensky stated, “We will take advantage of the fact that what the Russians have destroyed can be easily replaced with the most advanced green and digital infrastructure.”
The fund stated that it has been collaborating with Larry Fink, the head of financial giant BlackRock and that it expects to acquire the support of sovereign wealth funds and other professional investors.
Mr. Forrest stated that he had discussed the concept with several world leaders, including US President Joe Biden, then-UK Prime Minister Boris Johnson, and European Commission President Ursula von der Leyen, since beginning work on the investment fund in early March.
Mr. Forrest told that President Zelensky saw this as an opportunity to entirely replace aging coal-fired and nuclear power units with brand-new green energy.
“This capital would become available as soon as Russian forces are gone from Ukrainian territory,” he continued.
Mr. Forrest amassed his money during the mining boom in Australia. He is the founder and executive chairman of the multinational iron ore corporation Fortescue Metals.
In recent years, he has focused on sustainable technologies, implementing steps to decarbonize his mining operations and become a leading generator of green hydrogen.
Rebuilding Ukraine
Large portions of the Ukrainian infrastructure have been destroyed or damaged due to the Russian invasion.
Recent Russian missile strikes have targeted Ukraine’s energy infrastructure, particularly its power facilities.
In July, Ukrainian Prime Minister Denys Shmyhal estimated that the country’s recovery from the conflict, which inflicted $100 billion in direct infrastructure destruction, would cost $750 billion.
This week, Russia vehemently rejected international demands that it pay for the war damages it caused in Ukraine.
It occurred after the General Assembly of the United Nations adopted a resolution stating that Russia must face the repercussions of its conduct, including the payment of reparations.
Resolutions of the General Assembly carry symbolic weight but lack the authority to compel compliance.
The Kremlin vowed to prevent the West from taking Russia’s international reserves to pay for reparations.
