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SYDNEY, March 10 (Reuters) – Australia’s central bank on Thursday said its deputy governor was leaving to take a position in a green energy group founded by the country’s richest man, billionaire miner Andrew Forrest.
In a surprise announcement, the Reserve Bank of Australia (RBA) said Deputy Governor Guy Debelle was resigning from the central bank after 25 years, effective from March 16.
Debelle will take the position of Chief Financial Officer of Fortescue Future Industries (FFI) starting in June. FFI is the green energy unit of Forrest’s iron ore giant Fortescue Metals Group (FMG.AX).
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“Bringing in someone of Dr Debelle’s economic credibility goes to the heart of our vision for FFI,” Forrest said in a statement.
“Not only are we committed to arresting climate change, we are also committed to creating economic growth, increasing jobs and growing our business profitability.”
Forrest’s brainchild, FFI, has a goal of producing 15 million tonnes of green hydrogen per year by 2030 destined for global markets.
In a statement, Debelle said he was joining FFI to help make a difference towards addressing climate change.
“Climate change has a broad-ranging impact on Australia, both in terms of geography and in terms of Australian businesses and households,” said Debelle.
Debelle has been second in charge at the RBA since 2016 and first joined the central bank in 1994. He has done stints at the IMF and the Bank for International Settlements, and in recent years worked on global rules for the foreign exchange markets.
His replacement will be chosen by Australian Treasurer Josh Frydenberg. The position has tended to be filled from within the central bank, though the Treasurer has scope to consider outside candidates.
The deputy governor sits on the nine-member RBA Board that sets monetary policy in Australia.
Debelle had been considered a front runner to take over from Governor Philip Lowe, whose first seven-year term ends in 2023.
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Reporting by Wayne Cole
Editing by Shri Navaratnam
Our Standards: The Thomson Reuters Trust Principles.
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