Fortescue recognised as global decarbonisation leader

Fortescue has been named a global climate action leader in a new report by the Climate Integrity and the Institute for Sustainable Futures at the University of Technology Sydney.

The report highlights Fortescue, alongside IKEA and Lendlease, as setting a new benchmark for corporate decarbonisation by embracing ‘real zero’ targets, eliminating emissions without offsets or carbon capture and storage.

“This recognition is a testament to the work we’re doing to prove that heavy industry can cut fossil fuels – not someday, but right now,” Fortescue Metals chief executive officer Dino Otranto said.

“Fortescue, Lendlease and IKEA are showing that business can turn the tap off on fossil fuels as fast – or even faster – than the science says is necessary.

“There are new and better ways of operating, through lower cost, more efficient technologies. Fortescue is seizing these opportunities rather than foisting the problem on the next generation.”

Fortescue aims to achieve real zero Scope 1 and 2 emissions across its iron ore operations in the Pilbara region of Western Australia by 2030, which accounts for 88 per cent of the company’s total operational emissions.

It also has Scope 3 intensity reduction targets for shipping (50 per cent) and steelmaking (7.5 per cent), with a net-zero Scope 3 goal set for 2040.

Fortescue has committed $US6.2 billion ($9.5 billion) in decarbonisation efforts and is investing in 2–3 gigawatts of renewable energy and battery storage in the Pilbara, including a 190-megawatt solar farm at its Cloudbreak iron ore mine, which is currently under construction.

“The ambition displayed by Fortescue, IKEA and Lendlease is redefining what corporate climate leadership could and should look like both in Australia and around the world,” Climate Integrity director Claire Snyder said.

“Our report shows that companies with market-leading decarbonisation strategies have shifted focus from ‘net-zero’ to ‘real zero,’ and provides three case studies to show that not only is it possible – it is already happening and it’s good for business.”