Fortescue Metals Group sets goal of zero emissions by 2040
Fortescue Metals Group announced that it has set its own ambitious target to reach net zero operational emissions by 2040 as part of its climate change strategy.
The goal is about 10 years ahead of the company’s rivals such as BHP, Vale and Rio Tinto and will focus on reduction of Scope 1 and 2 emissions from existing operations by 26 percent from 2020 levels by 2030. Scope 1 and 2 emissions include those generated by an organization as well as indirect emissions from the power it buys to run those operations.
“Fortescue has a proud history of setting stretch targets and our 2030 emissions reduction commitment, together with our goal to achieve net zero operational emissions by 2040, positions Fortescue as a leader in addressing the global climate change challenge,” Fortescue Chief Executive Officer, Elizabeth Gaines, said in a statement.
“Fortescue supports the Paris Agreement long-term goal of limiting global temperature rise to well below 2 °C above pre-industrial levels, and our emissions reduction targets align with this international objective. Our success will be founded on practical initiatives that will allow us to deliver on our targets in an economically sustainable manner.
“Since October 2019, Fortescue and our partners have announced investments in excess of US$800 million in significant energy infrastructure projects which will increase our use of renewable energy and will be a key contributor to our pathway to achieve our emissions reduction targets.”
“The Chichester SolarGas Hybrid Project, announced with Alinta Energy in October 2019, is well advanced for the installation of 60MW of solar generation. More recently, Fortescue announced the US$700 million investment in the Pilbara Energy Connect program which, together with the Chichester SolarGas Hybrid Project, will deliver25-30 percent of our stationary energy requirements from solar power,” said Gaines.
“Mining is one of the most innovative industries in the world and Fortescue is harnessing this technology and capability to achieve carbon neutrality with a sense of urgency. In addition to the development of gas technology and renewables for our stationary energy requirements, we are working toward decarbonizing our mobile fleet through the next phase of hydrogen and battery electric energy solutions,” Gaines said.
Emissions data and performance against targets will be reported annually as part of Fortescue’s annual reporting suite. Baseline and annual emissions data will be calculated on a financial year basis. Existing operations include all of Fortescue’s current and future iron ore operations in the Pilbara, excluding the Iron Bridge Magnetite Project (Iron Bridge). Iron Bridge is due to commence operation by mid-2022, with emissions reduction targets to be established that align with Fortescue’s goal to achieve net zero operational emissions by 2040.
Fortescue’s integrated operations center in Perth, Australia. Courtesy of FMG.