Fortescue has become the first major industrial company to endorse the Fossil Fuel Non-Proliferation Treaty, which sets clear deadlines for the phase out of fossil fuels globally.
After a months-long analysis of Fortescue’s commitments, the Fossil Fuel Treaty Initiative accepted the iron ore miner’s endorsement at the World Economic Forum in Davos, Switzerland, last week.
The decision further validates Fortescue’s Real Zero 2030 target, which involves the elimination of fossil fuels rather than relying on voluntary carbon offsets or carbon capture and storage.
The announcement comes after Fortescue’s Real Zero climate transition plan was endorsed by independent body Climate Integrity and the University of Technology Sydney.
“Fortescue is the first Australian company Climate Integrity has assessed that has a plan to phase out fossil fuels without carbon offsetting, an industry-leading benchmark for climate ambition,” Climate Integrity director Claire Snyder said.
Fortescue executive chair and founder Andrew Forrest said if Fortescue can achieve Real Zero by 2030, there’s no reason the rest of the world can’t follow by 2040.
“While fossil fuel companies bury their heads in the sand while hellish wildfires cause unimaginable damage to Los Angeles, Fortescue and the growing bloc of countries seeking to negotiate a Fossil Fuel Treaty understand the need for real action to combat climate change,” he said.
“I call on other heavy emitters to endorse the Treaty proposal and commit to a future beyond fossil fuels.”
Fossil Fuel Treaty Initiative founder and chair Tzeporah Berman said Fortescue’s avoidance of fossil fuels sets a powerful precedent for other companies to follow.
“It signals to the market that the transition to a fossil fuel-free future is not only necessary; it is achievable and economically viable,” she said.
“We invite companies across all sectors to join us in this growing movement of countries, organisations, individuals and businesses that are pushing for a Real Zero emissions target, showing that this can only be achieved one way: by phasing out the production and use of fossil fuels, and by putting a decisive end to new investment.
“Together, we can chart a sustainable path that not only protects our planet, our communities and everything we love, but also unlocks new, sustainable and profitable economic opportunities for future generations and supports governments who are charting a truly ambitious course for fossil fuel phase out and a new Treaty.”
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