Skip to main content

Fortescue plans AUD$9.2 billion investment to reach net zero by 2030

September 20, 2022

Renew Economy:

Billionaire Andrew “Twiggy” Forrest’s Fortescue Metals Group says it will spend $A9.2 billion – most of it in the next four years – on its decarbonisation strategy that is targeting the complete decarbonisation of the company’s Scope 1 and 2 emissions by 2030.

The majority of Fortescue’s $A9.2 billion investment will be spent between 2024 and 2028 and will include the deployment of an additional 2-3GW of wind and solar generation and battery storage, as well as the incremental costs associated with transitioning its mining fleet and locomotives to green fuels.

“Twiggy” Forrest’s ambitions to decarbonise his own companies’ operations – not to mention spur the decarbonisation of the Australian industry sector – have not been quiet.

In mid-2020, Fortescue Metals announced what was then an industry leading emission reduction target of net zero operational emissions by 2040. Less than a year later, Forrest announced that his Fortescue Metals Group would increase its ambition to achieve carbon neutrality by 2030.

[Joshua Hill]

More: Fortescue to spend $9.2bn on wind, solar, batteries and hydrogen to reach net zero by 2030

Join our newsletter

Keep up to date with all the latest from IEEFA