Global warming poses danger to the life on earth, risking fresh water, food, and energy supplies. Greenhouse gas (GHG) emissions are the primary cause of global warming. Carbon dioxide (CO2), methane (CH4), and nitrogen oxides (NOx) are GHGs produced by the combustion of oil, fossil fuels, and other sources.
The metals and mining industry accounts for approximately 4% to 7% of worldwide greenhouse gas emissions. GHG emissions are produced by industry operations such as energy generation, heat or steam, and fuel use. The International Council on Mining and Metals (ICMM) has committed to a goal of net zero Scope 1 and 2 emissions by 2050.
Fortescue Metals Group Ltd (Fortescue) is an Australian metals and mining company. The company carries out the exploration, planning, building, mining, processes, transportation and markets of iron ore. In 2021, the company reported total GHG emissions of around 254.4 million tonnes CO2 equivalents (MtCO2eq), up 3% from 2020.
Scope 1, 2, and 3 emissions are the three categories of GHG emissions. Scope 1 emissions are direct emissions from operations owned and controlled by Fortescue within Australia, such as emissions from their mining haul fleet and the power stations operated by the company. Indirect GHG emissions from the generation of purchased electricity are referred to as Scope 2. Scope 3 emissions refer to the company's other indirect emissions beyond the company’s direct operations and occur in the company’s value chain, including upstream and downstream activities, such as purchased goods and services, shipping emissions, and crude steel manufacturing.
Scope 3 emissions account for most of Fortescue’s overall GHG emissions, accounting for 99.1% of total GHG emissions (252.2 MtCO2eq) in 2021. In 2021, the company's Scope 1 emissions rose by 7.9%, whereas reported Scope 2 emissions are the same as reported in 2020.
Fortescue has set a long-term goal of net zero operational emissions by 2030. The company has also committed to invest $700 million in renewable energy initiatives.
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