Fortescue has welcomed yesterday’s release of Australia’s latest emissions projections and congratulated the Federal Government on its national emissions trajectory.
The company highlighted how improvements to Australia’s policy architecture reduce reliance on carbon offsets and increase the incentivisation of green energy.
Fortescue said the Federal Government has taken significant steps toward matching carbon policy settings to increased climate risks.
“Australia has come a long way on climate policy in a short period of time,” Fortescue energy chief executive officer Mark Hutchinson said.
“Heading into COP28, the Government should be acknowledged for the significant work it has done to improve our national emissions trajectory.
“As climate impacts accelerate, it is imperative that policy settings are appropriately matched to risk.”
The company also acknowledged the commitment by Australia’s scientists and regulators to emissions transparency.
“Transparency remains essential to converting climate ambition into practical action,” the company said.
“We call on all countries to adopt similar reporting arrangements at COP28, and encourage industry to embrace regular, science-based reporting as a central means of accountability.”
The latest iteration of the emissions projections report foresees a 42 per cent cut in emissions by 2030, and a 53 per cent cut by 2035.
Fortescue has taken steps to stay ahead of the net-zero push with a suite of green energy projects and a ‘real-zero’ target to eliminate emissions without a reliance on carbon offsets.
The major has approved two Australian projects – the Christmas Creek green iron plant in Queensland and the Gladstone green hydrogen plant in Western Australia – as well as the Phoenix hydrogen hub in the US.
Fortescue’s announcements are hot off the heels of the launch of its positive power plan, aimed to replace fossil fuels with green energy, and its Fortescue Capital platform.
Dubbed a new green energy investment accelerator platform, Fortescue Capital aims to help the company deliver green energy projects and decarbonisation investments.
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