Australian mining group Fortescue Metals said it will tap “trillions of dollars” of available capital to transform itself into one of the world’s largest renewables and green hydrogen players with a 235GW operating base, in one of the most ambitious plans yet unveiled in the global energy transition by a company with almost no track record in the sector.

Fortescue – among the planet's largest iron ore producers from its base in Western Australia – said its executives are in the middle of a tour of 47 countries as it “scans the world for the best renewable sources” spanning solar, wind and H2.