Mr. Forrest and his wife have contributed $500 million to the fund, which its organisers predict will reach $100 billion in the future.
The Ukraine Green Growth Initiative intends to make investments in vital networks for electricity and communications.
Zelensky commended the action.
“We will take advantage of the fact that what the Russians have destroyed can readily be replaced with the latest, most modern green and digital infrastructure,” Mr. Zelensky remarked.
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 US President Joe Biden, former UK Prime Minister Boris Johnson, and European Commission President Ursula von der Leyen.
“The president [Zelensky] sees that as an opportunity to completely replace old coal-fired [and] nuclear power stations with brand new green energy,” Mr. Forrest told the media.
“That capital would be available the instant that the Russian forces have been removed from the homelands of Ukraine,” he continued.
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.
Large portions of the country’s infrastructure have been destroyed or damaged as a result of the Russian invasion of Ukraine.
Russian missiles have recently attacked Ukraine’s energy infrastructure, notably its power facilities.
Denys Shmyhal, the prime minister of Ukraine, estimated that it would cost the nation $750 billion to recover from the conflict, which had directly damaged infrastructure to the tune of $100 billion.
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.
Resolutions passed by the General Assembly have symbolic value but no legal authority.
The Kremlin pledged to take action to prevent the West from taking its foreign reserves to cover reparations.
