Fortescue to eliminate fossil fuel use by 2030
Resources firm will spend $6.2bn on developing technologies to help eliminate the use of coal, diesel and natural gas from its supply chain by 2030
Australian resources firm Fortescue Metals Group has announced a transition strategy aimed at eliminating fossil fuel use across its operations by 2030. Fortescue, one of the world’s largest producers of iron ore, will spend $6.2bn on developing technologies to help eliminate the use of coal, diesel and natural gas from its supply chain between 2024 and 2028. The strategy will reduce greenhouse gas (GHG) emissions by 3mn t/yr while also lowering operating costs by $3bn by 2030, meaning capital spent on the transition strategy will be paid back by 2034. “We must accelerate our transition to the post-fossil-fuel era” Forrest, Fortescue This investment includes the deployment of an addi
Also in this section
21 November 2024
E&P company is charting its own course through the transition, with a highly focused natural gas portfolio, early action on its own emissions and the development of a major carbon storage project
21 November 2024
Maintaining a competitive edge means the transformation must maximise oil resources as well as make strategic moves with critical minerals
20 November 2024
Recent project approvals have yielded millions of carbon credits linked to the plugging of the US' abandoned wells
20 November 2024
The oil behemoth recognises the need to broaden its energy mix to reduce both environmental and economic risks
