The world’s fourth-largest iron ore producer expects to save
Most of the spending is planned for 2024-28. It includes an additional 2-to-3 gigawatts of renewable energy generation and battery storage as well as a green mining fleet of trucks and trains.
The target by 2030 of “real zero terrestrial emissions” -- no fossil fuels and with only temporary, if any, offsets -- would prevent 3 million metric tons (3.3 million
Fortescue is a member of the
Other big companies are also stepping up moves to cut their carbon emissions.
Last week,
Fortescue chairman
The new decarbonization strategy has “set an example that a post-fossil fuel era is good commercial common sense,” Forrest said in a statement.
“There’s no doubt that the energy landscape has changed dramatically over the past two years and this change has accelerated since
“Consistent with Fortescue’s disciplined approach to capital allocation, this investment in renewable energy and decarbonization is expected to generate attractive economic returns for our shareholders through energy cost savings and a sharp reduction in carbon offset purchases, together with a lower risk-cost profile and improvement in the integrity of our assets,” Forrest added.
Australia’s new center-left
Under the previous conservative government,
Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission., source