The Fortescue Metals Group of Australia announced on September 20, 2022, that it would invest approximately $6.2 billion to achieve "real zero environmental emissions" throughout its iron ore facilities by the end of the decade. The Perth-based miner's investment involves the installation of an extra 2-4 gigawatts of renewable energy generation and battery storage, as well as additional costs related to bolstering its locomotive and green mining fleets.
The investment, which is primarily scheduled for the fiscal years 2024 to 2028, will allow for the displacement of approximately 700 million litres of diesel and 15 million gigajoules of gas annually by 2030 and prevent the emission of 3 million tonnes of carbon dioxide equivalent annually.
The fourth-largest producer of iron ore in the world plans to save $818 million annually starting in 2030 and forecasts total operational savings of $3 billion by 2030, with a payback on investment of 2034. Real zero terrestrial emissions refer to the production of purchased electricity, steam, and other energy sources as well as direct and indirect emissions from business operations.
As the miner transforms from a pure-play iron ore producer to a green energy company, Fortescue, and its green energy unit Fortescue Future Industries (FFI) are working to quickly create infrastructure and technologies to manufacture green hydrogen.
Switzerland
China
Japan
Luxembourg
South Korea
Japan
United Kingdom
Australia
Japan
Don’t wait - discover a universe of connected data & insights with your next search. Browse over 28M data points across 22 industries.
Access more premium companies when you subscribe to Explorer
Contact the team or request a demo to find out how our data can drive your business forward