Australian miner Fortescue reveals $6.2 billion carbon plan
Hindustan TimesAustralian iron ore miner Fortescue Metals Group announced on Tuesday a $6.2 billion plan to eliminate fossil fuels and carbon emissions from its operations by the end of the decade. The world’s fourth-largest iron ore producer expects to save $818 million a year from 2030 based on current prices of diesel, gas and carbon credits, said a Fortescue statement to the Australian Securities Exchange. 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 of carbon dioxide-equivalent greenhouse gas emissions a year. “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.
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