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(Wallace Refiners) – Fortescue Metals Group (ASX: FMG) has today announced Fortescue’s target to achieve carbon neutrality by 2030, ten years earlier than the previous target.
The company said that Fortescue Future Industries (FFI), a wholly owned subsidiary of Fortescue, will be a key enabler of this target through the development of green electricity, green hydrogen and green ammonia projects in Australia.
Fortescue is seeking to move from being a major consumer of fossil fuel with a current trajectory of more than 1 billion litres a year of diesel being used across the operations if no remedial action is taken – to a major clean and renewable energy exporter.
FFI is advancing projects across Australia including Tasmania, to build large-scale renewable energy and green hydrogen production capacity. This will expedite the substitution of green hydrogen and green ammonia for carbon-based fuels. The company added that these projects will, with the support of Australia’s governments, contribute to a significant reduction in national carbon emissions.
Fortescue Metals Group is a global leader in the iron ore industry. Fortescue’s wholly owned and fully integrated operations in the Pilbara include the Chichester and Solomon mining hubs and the Western Hub, home to the new Eliwana mine. The company also undertaking exploration activities in New South Wales and South Australia, as well as in Ecuador and Argentina, and preliminary exploration activities on tenements that are in application in Colombia, Peru, Portugal and Kazakhstan, prospective for copper, gold and lithium.
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Wallace Precious Metals The author has made every effort to ensure accuracy of information provided; however, neither Wallace Precious Metals nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Wallace Precious Metals and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.