Australian miner Fortescue reveals $6.2 billion carbon plan
Australian iron ore miner Fortescue Metals Group has announced a $6.2 billion plan to eliminate fossil fuels and carbon emissions from its operations by the end of the decade
CANBERRA, Australia (AP) — Australian iron ore miner Fortescue Metals Group announced on Tuesday a $6.2 billion plan to eliminate fossil fuels and carbon emissions from its operations by the end of the decade.
The world’s fourth-largest iron ore producer expects to save $818 million a year from 2030 based on current prices of diesel, gas and carbon credits, said a Fortescue statement to the Australian Securities Exchange.
Most of the spending is planned for 2024-28. It includes an additional 2-to-3 gigawatts of renewable energy generation and battery storage as well as a green mining fleet of trucks and trains.
The target by 2030 of “real zero terrestrial emissions” -- no fossil fuels and with only temporary, if any, offsets -- would prevent 3 million metric tons (3.3 million U.S. tons) of carbon dioxide-equivalent greenhouse gas emissions a year.
