{"id":8573,"date":"2024-09-26T17:50:07","date_gmt":"2024-09-26T17:50:07","guid":{"rendered":"https:\/\/northamericanmining.com\/?p=8573"},"modified":"2024-09-26T17:50:15","modified_gmt":"2024-09-26T17:50:15","slug":"fortescue-unveils-climate-transition-plan-to-reach-real-zero","status":"publish","type":"post","link":"https:\/\/northamericanmining.com\/index.php\/2024\/09\/26\/fortescue-unveils-climate-transition-plan-to-reach-real-zero\/","title":{"rendered":"Fortescue unveils climate transition plan to reach ‘real zero’"},"content":{"rendered":"\n

Fortescue<\/a> has released a rigorous, externally reviewed climate transition plan that lays out how the company plans to stop burning fossil fuels across its Australian iron ore operations by the end of the decade \u2013 and sets the bar for other companies to follow.<\/p>\n\n\n\n

Fortescue Executive Chairman Dr. Andrew Forrest AO, released the action plan days after a group of leading international scientists endorsed a statement calling on the world to move from Net Zero targets to Real Zero.<\/p>\n\n\n\n

Dr. Forrest unveiled the plan at a roundtable event hosted by UN Under-Secretary General Melissa Fleming in New York. The roundtable, which included business, philanthropic and NGO leaders, was held during High-Level week of the UN General Assembly.<\/p>\n\n\n\n

The detailed timeline shows how Fortescue will eliminate Scope 1 and 2 emissions without voluntary carbon offsets and without carbon capture and storage \u2013 what is now known as \u201cReal Zero\u201d.<\/p>\n\n\n\n

The climate transition plan was peer reviewed by Dr. Benjamin Caldecott, the director of the University of Oxford Sustainable Finance Group and a world expert in transition planning. In a foreword written for the plan, Caldecott said climate transition planning and the disclosure of climate transition plans was \u201cincreasingly integral to corporate strategy design and execution.\u201d<\/p>\n\n\n\n

\n

\u201cFortescue\u2019s climate transition plan embodies the spirit of openness and transparency that is essential for meaningful progress,\u201d Caldecott wrote. \u201cThe plan is marked by high ambition and well-defined actions, underpinned by accountability mechanisms to ensure systematic delivery across the organization.\u201d<\/p>\n<\/blockquote>\n\n\n\n

Fortescue\u2019s climate transition plan details how Fortescue will eliminate fossil fuels from its Australian operations, including heavy mining equipment and rail, as well as the levers it will use and its priorities going forward.<\/p>\n\n\n\n

The plan reiterates that Fortescue will continue to advocate for fossil fuel subsidies to be re-purposed by governments to level the playing field for first movers in decarbonization and to incentivize others in the industry to transition more rapidly.<\/p>\n\n\n\n

Fortescue remains committed to re-investing what it receives through Australia\u2019s diesel fuel rebates, in addition to its own capital, to finance its decarbonization program and its green energy transition.<\/p>\n\n\n\n

While the plan is a requirement of Fortescue\u2019s membership of the UN Race to Zero Coalition, the level of reporting goes beyond that required to be aligned with the framework laid out by the UK Government\u2019s Transition Plan Taskforce.<\/p>\n\n\n\n

It will be updated annually to ensure full transparency in Fortescue\u2019s pursuit of its 2030 targets.<\/p>\n\n\n\n

Forrest said, \u201cNet Zero 2050 is a con. The world needs Real Zero now. Fortescue can tell you when we\u2019ll eliminate fossil fuels and show you exactly how. Every industrialist should match us. Our climate transition plan is a gold-standard example of the level of corporate ambition required to accelerate the transition away from fossil fuels.<\/p>\n\n\n\n

\u201cWhere other companies develop climate plans merely to meet regulatory requirements, Fortescue\u2019s plan is solely focused on how we will eliminate fossil fuels by 2030 from our operations without voluntary carbon offsets. Companies that set emissions reductions targets must demonstrate how they will deliver them. Only when we hold ourselves accountable for our commitments do we earn our seat at the table, he concluded. \u201cThere is only one question that companies should be asking themselves \u2013 when will they stop burning fossil fuels?\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Fortescue has released a rigorous, externally reviewed climate transition plan that lays out how the company plans to stop burning fossil fuels across its Australian iron ore operations by the end of the decade \u2013 and sets the bar for other companies to follow. Fortescue Executive Chairman Dr. Andrew Forrest AO, released the action plan days after a group of…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_themeisle_gutenberg_block_has_review":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[495],"tags":[],"coauthors":[1644],"class_list":["post-8573","post","type-post","status-publish","format-standard","hentry","category-latest-news"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t