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Iron Ore June 17, 2020 09:30:25 PM

Fortescue Metals Pledges to Reduce Carbon Emissions

Paul Ploumis
ScrapMonster Author
The revised targets are part of the company’s climate change strategy.
Fortescue Metals Pledges to Reduce Carbon Emissions

SEATTLE (Scrap Monster): Perth, Australia-headquartered Fortescue Metals Group announced industry leading emissions reduction goal. The iron ore producer aims to achieve net zero operational emissions by 2040. It expects to reduce operational emissions by 26% by 2030, when compared with current levels.

The revised targets are part of the company’s climate change strategy, which focuses on greenhouse gas emissions directly generated by it as well as the indirect emissions from the power it purchases in order to run its operations.

The company has already implemented various practical initiatives, which will help the company deliver on the set ambitious targets. For instance, the company has already declared investments of around $800 million since October last year in several projects aimed at reducing reliance on fossil fuels. The investments pertain to adoption of solar power and solar-gas hybrid systems. In addition, the company also plans to decarbonize its mobile fleet, said Elizabeth Gaines, Chief Executive, Fortescue Metals Group.

Other major mining companies too have made similar announcements. BHP has committed $400 million over five years to reduce greenhouse gas emissions. Meantime, Rio Tinto aims to spend $1 billion over the next five years to reduce its carbon footprint.

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