Fortescue still committed to green energy transition

When Andrew Forrest set his company on a path to become a green energy powerhouse he was met with a lot of cynicism, but 20 months after committing himself to going green in a Boyer lecture Forrest has runs on the board and still has fire in the belly.

Today, the Company released its annual Sustainability and Climate Change reports, detailing its performance against key material sustainability and climate-related commitments and targets for the 2022 financial year.

Fortescue Chairman Dr Andrew Forrest said: “Fortescue is transitioning into a global green energy, metals, minerals and technology company, capable of delivering not only green energy but also the minerals critical to the green energy transition.

“For our size and scale, there is no other mining company taking the action we are to decarbonise and provide the solutions for the world to reduce emissions.

“We are leading the green energy revolution – and will once again, set record-breaking industry benchmarks.”

Highlights from the FY22 Sustainability and Climate Change reports include:

  • Announcement of an industry leading target to achieve net zero Scope 3 emissions by 2040
  • Acquisition of Williams Advanced Engineering, providing Fortescue with the critical technology and expertise in high performance battery systems
  • Completing a US$1,500 million Senior Notes offering, which included our inaugural US$800 million Green Use of Proceeds Notes that will be applied to decarbonisation initiatives
  • Energisation of the 60MW Chichester Solar Gas Hybrid facility which displaced 78 million litres of diesel usage during the financial year
  • Commencing the development of the Infinity Train, the world’s first regenerating battery electric iron ore locomotive.
  • Became a signatory for The Climate Pledge, a member of the UN Race to Zero, and a founding member of the First Movers Coalition
  • And partnering with Liebherr to develop and supply zero emissions haul trucks to our Pilbara mining operations.

Fortescue CEO Elizabeth Gaines said: “Sustainability is integrated into all aspects of our business, and we are committed to ensuring communities continue to benefit from our growth and development as we take a global leadership position in the green energy transition.

“We have set a target to decarbonise our operations by 2030, which is two decades earlier than commitments made by most of our peers, and we have set a target to achieve net zero Scope 3 emissions by 2040.

“Fortescue Future Industries is the key enabler of these targets, with a range of heavy industry decarbonisation initiatives underway to eliminate our reliance on fossil fuels.”

The report also celebrated more than A$4 billion in contracts and sub-contracts being awarded to Aboriginal businesses since the Billion Opportunities initiative was launched in 2011, and the achievement of 27 per cent female employment in senior leadership roles.

Picture: Andrew Forrest

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