Andrew Forrest, an Australian mining magnate, has reportedly established a fund to aid with the reconstruction of Ukraine, which is thought to be valued at least USD 25 billion. Mr. Forrest and his wife have contributed USD 500 million to the fund, which its founders predict will reach USD 100 billion in the future.
Mr. Forrest benefited financially from the mining boom in Australia. The world's largest producer of iron ore, Fortescue Metals, was founded by him.
He has focused on green technology in recent years, taking steps to decarbonize his mining operations and grow into a significant green hydrogen producer.
The Ukraine Green Growth Initiative intends to make investments in vital networks for electricity and communications. Ukraine President Volodymyr Zelensky commended the action.
The latest, most cutting-edge green and digital infrastructure can easily replace what the Russians destroyed, Mr. Zelensky said, and that they will take leverage of this fact.
The fund stated that it had been collaborating with Larry Fink, the chairman of financial behemoth BlackRock, and that it hoped to win over sovereign wealth funds and other seasoned investors.
Mr. Forrest claimed that since beginning work on the fund in early March, he has spoken with several world leaders about the proposal, including former UK Prime Minister Boris Johnson, US President Joe Biden, and European Commission President Ursula von der Leyen.
According to Mr. Forrest, President Zelensky views this as an occasion to totally replace outdated coal- and nuclear-fired power plants with green energy. He added that the capital would be accessible the moment the Russian military has been ousted from the native lands of Ukraine.
This week, Russia vehemently rejected international calls for Moscow to make reparations for the harm it caused to Ukraine during the war. It happened after the UN General Assembly adopted a resolution declaring that Russia must bear the costs of its deeds, including making restitution.
Interestingly, the Kremlin has pledged to take action to prevent the West from taking its foreign reserves to cover reparations.