Australian mining giant Fortescue on Tuesday said it is putting aside US$6.2 billion to wean itself off fossil fuels by the end of the decade, hoping to gain a head start on competitors.

The Perth-headquartered company told investors that a goal of achieving zero emissions on mining iron ore operations by 2030 would come with a hefty price tag, but insisted it still made business sense.

"We must accelerate our transition to the post-fossil fuel era," said executive chairman Andrew Forrest, promising decarbonisation would lower costs and offer a better return for shareholders in the long term.

The company estimates that it can cut three million tonnes of carbon dioxide equivalent emissions each year, and save almost a billion dollars on fuel and carbon credits.

The capital investment could be recouped by 2034, the company said.

Fortescue is one of the world's largest miners of iron ore -- the main ingredient for making steel.

Its shares slipped 0.6 percent in Sydney on Tuesday afternoon.

Related Links
All About Oil and Gas News at OilGasDaily.com

Tweet

Thanks for being here; We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain. With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords. Our news coverage takes time and effort to publish 365 days a year. If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceDaily Contributor $5 Billed Once credit card or paypal		SpaceDaily Monthly Supporter $5 Billed Monthly paypal only

Greenpeace blocks unloading of Russian gas in Finland
Helsinki (AFP) Sept 17, 2022
Activists from environmental group Greenpeace on Saturday blocked a shipment of Russian gas from unloading at a liquefied natural gas (LNG) terminal in northern Finland, the terminal owner and Greenpeace said. The activists demanded Helsinki stop importing Russian gas after Russia's President Vladimir Putin invaded Ukraine more than six months ago. "The shipment contained liquefied natural gas coming from Russia," a spokeswoman for Finnish company Gasum that imported the blocked gas, Olga Vaisan ... read more