Washington| Billionaire Andrew Forrest’s Fortescue Metals will spend $US6.2 billion ($9.2 billion) to switch to renewable energy, saving more than $1 billion in costs a year and meeting its 2030 net zero emissions target.

Dr Forrest said Fortescue would invest between 2024 and 2028. The investment would mean net operating cost savings of $US818 million a year from 2030, ditching key fossil fuel-related operating expenses such as diesel, gas and Australian carbon credits in favour of wind and solar to hit “real zero” emissions.