Former British chancellor Kwasi Kwarteng is due to start advising Fortescue on its clean energy ambitions from October – one year after his disastrous mini-budget crashed the pound.
Kwarteng, who was sacked last year by then prime minister Liz Truss after only 38 days as chancellor, will provide advice in a part-time capacity to Fortescue’s emerging clean energy division.
The former business and energy secretary has expressed support for a shift from gas to renewables, hydrogen use, and energy efficiency upgrades such as housing insulation.
Kwarteng removal as chancellor of the exchequer and departure from the official residence at 11 Downing Street opened the way for outside roles after a 12-month waiting period.
His new role with Fortescue was first reported by the Australian Financial Review. Guardian Australia understands the position will start in October, exactly one year after he was removed from his position as a high-ranking member of cabinet.
The world’s fourth-largest iron ore miner built its business on selling the steel-making commodity to China. Fortescue revealed plans for a hydrogen and clean energy business in 2020 that is still taking shape.
Advice published by the UK’s Advisory Committee on Business Appointments on 30 August reveals Kwarteng will not be allowed to lobby the UK government in his paid, two-days-a-week role as a senior adviser at Fortescue.
“You confirmed there will be no contact with government in this role, in line with the expectations set out in the rules and you are subject to the lobbying ban,” the committee’s advice states.
Kwarteng is also prohibited from using any privileged information from his time in ministerial office.
The conservative politician has been in parliament since 2010 but is widely known for his brief and tumultuous period as chancellor.
He announced the biggest package of tax cuts in 50 years at the same time as governments around the world were trying to cool spending and rein in inflation.
The measures, later scrapped, sent the pound crashing to its lowest level against the US dollar in 37 years, and heaped pressure on Truss who resigned just weeks later.
Kwarteng will be advising Fortescue at a time of significant upheaval.
The majority of Fortescue’s executive team have left or shifted roles since 2021, representing at least 10 major changes in less than three years. This includes the abrupt departure of its mining chief executive Fiona Hick after just six months in the job.
Fortescue’s billionaire founder and executive chairman, Andrew Forrest, has described the changes as a necessary part of a business in transition. Analysts are more hesitant and have sought a more thorough explanation from Fortescue for the changes.
According to the UK’s advisory committee, Kwarteng’s role will include advising on macroeconomic trends, geopolitics, renewables development, the abatement of fossil fuels and the use of hydrogen in existing power grids.
Fortescue has another significant UK connection, with Olympian Sebastian Coe sitting on the board as a non-executive director since 2018.
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