Fortescue Metals Group signs UN Race to Zero and The Climate Pledge, setting bold emissions targets
Fortescue Metals Group becomes the first mining company to join UN’s “race to zero” initiative, pledging bold emissions targets.
Fortescue Metals Group has become the first mining company in the world to join the United Nations’ “race to zero” initiative, pledging to halve emissions in the next nine years and become net zero within two decades.
The Australian companies chaired by Andrew ‘Twiggy’ Forrest, Fortescue Future Industries (FFI) and Fortescue Metals Group, have formally joined the UN Race to Zero Coalition ahead of COP26, the UN’s climate change conference in Glasgow.
As well as becoming a member of Race to Zero, the company has been approved to sign The Climate Pledge, in which companies work to be net-zero by 2040.
Mr Forrest, who will be in Glasgow for next week’s COP26, has been outspoken about the urgent need to promote and use Green Hydrogen and renewable energy sources across all industries.
While it is no surprise that FFI – the green hydrogen manufacturing offshoot of Fortescue – would sign such a pledge, the fact that iron ore company Fortescue has signed is seen as groundbreaking and especially significant.
“We are proud to be part of the international effort to lower global emissions as Fortescue transitions from a pure play iron ore producer to a green renewables and resources company,” Fortescue chief executive Elizabeth Gaines said.
“This is underpinned by our industry leading targets to be carbon neutral by 2030 in our mining operations and achieve net zero Scope 3 emissions by 2040 with these initiatives making a substantial contribution to lowering emissions across our value chain from mining to shipping to steel production.”
FFI chief executive Julie Shuttleworth said: “We are pleased to be joining the UN Race to Zero Coalition as we prepare to head to COP26 where we will make the case globally for increased investment in green hydrogen. We must take action now to stop the planet from cooking and embrace green hydrogen so the world can lower emissions faster”.
The Climate Pledge was initiated by Amazon and Global Optimism and more than 100 big companies and organisations have already signed up, sending a clear message to the market that there will be industry demand for products and services that are reducing carbon emissions.
Earlier this week, Mr Forrest told The Australian that green ammonia, green electricity and green hydrogen would soon “feed every part of the industrial supply chain”.
“Be it cement, be it steel, be it fertiliser, be it mobility, you can answer any of that with electricity, with ammonia or hydrogen and that can all be pulled down from an infinite source, now.”
