Iron-ore major Fortescue Metals has set a target to achieve net zero operational emissions by 2040.
The company said late last month that the net zero emissions goal was core to the its climate change strategy and was underpinned by a pathway to decarbonisation, including the reduction of Scope 1 and Scope 2 emissions from its existing operations by 26% from 2020 levels by 2030.
“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,” said Fortescue CEO Elizabeth Gaines.
“Fortescue supports the Paris Agreement’s long-term goal of limiting global temperature rise to well below 2 ºC or above preindustrial 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 late last year, Fortescue and its partners had announced investments worth some $800-million in energy infrastructure projects that would increase the use of renewable energy and contribute to the company’s emissions reduction target, Gaines said.
The infrastructure includes the Chichester solar gas hybrid project, which will see the installation of 60 MW of solar generation capacity, as well as a $700-million investment into the Pilbara Energy Connect programme, which, along with the Chichester hybrid project, will deliver between 25% and 30% of Fortescue’s stationary energy requirements from solar power.