Fortescue’s plan to cease emitting carbon by 2030 could earn the company at least $50 million a year from a new federal government carbon credit scheme, but chairman Andrew Forrest’s disdain for offsets may prevent the miner from accepting the windfall.

Dr Forrest has vowed that Fortescue will not rely on offsets to achieve “real zero” emissions across its iron ore mines by 2030. The billionaire has previously labelled offsets as a “scam”.