19: Fortescue Metals Group Limited

19

Fortescue Metals Group Limited

Fortescue Metals Group (FMG) announced in October 2021 its target to achieve net zero Scope 3 emissions by 2040.

The ambitious target would include crude steel manufacturing, which alone accounts for 98% of FMG’s Scope 3 emissions. FMG also committed to decarbonizing its own fleet of eight ore carriers and engage with shipping partners to reduce, and aim to eliminate, emissions from shipping. Key to FMG’s mission is the development and supply of green hydrogen and green ammonia from Fortescue Future Industries (FFI). FMG intends to work with downstream customers, particularly iron and steel, on the application of these, and other technologies for emissions reduction and elimination.

FFI is aiming to produce 15 Mt of green hydrogen annually by 2030. FMG itself became the world’s first major carbon emission heavy industry operation to set a target to achieve carbon neutrality by the same year. “Our work to decarbonize Fortescue’s iron ore operations will position Fortescue as the first major supplier of green iron ore in the world, paving the way for production of green iron and a new green steel industry,” said FFI Chief Executive Officer, Julie Shuttleworth.

“Fortescue has commenced its transition from a pure play iron ore producer to a green renewables and resources company,” said Fortescue Chief Executive Officer, Elizabeth Gaines, in the announcement.