October 5, 2021 Read More →

Iron ore giant Fortescue pledges to decarbonize operations by 2040

Renew Economy:

Fortescue Metals Group has become one of the first of Australia’s major industrial operators to commit to fully decarbonise its operations and supply chains, including a shift to coal-free steel processing and hydrogen-fuelled shipping.

In a statement released to the ASX on Tuesday, the iron ore giant said it would adopt a net zero target for its scope-3 emissions, meaning the company would look to slash emissions not just from its own operations, but also the embedded emissions in the products it sells to customers.

Fortescue is one of the world’s largest producers of iron ore and crude steel products – and the third largest in Australia – making it one of Australia’s largest coal users.

Around 98 per cent of Fortescue’s scope-3 emissions are related to crude steel production, which traditionally uses coking coal for thermal heat. Fortescue chairman Andrew Forrest has previously predicted there would be no coal-fired blast furnaces in operation by 2050.

The company said it would also look to eliminate emissions associated with shipping its products into overseas markets and had set itself targets to convert its existing fleet of eight iron ore carriers to being fuelled by green ammonia.

In addition to the net zero scope-3 emissions target for 2040, Fortescue will aim to achieve a 50 per cent reduction in the emissions intensity of the shipping of the company’s ores by 2030.

[Michael Mazengarb]

More: Iron ore giant Fortescue aims for green, coal-free steel by 2040 in new net zero target

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