Fortescue Metals Group will aim to abolish scope 3 carbon emissions by 2040 through various projects with Fortescue Future Industries (FFI).
The major iron ore miner becomes the first of its kind to set targets of this scope and timeframe, while it also aims to halve current emissions from shipping ore by 2030.
Fortescue chief executive officer Elizabeth Gaines said there was no greater goal for the business.
“Climate change is the most pressing issue of our generation and at Fortescue, setting stretch targets is at the core of our culture and values,” Gaines said.
“Fortescue has commenced its transition from a pure play iron ore producer to a green renewables and resources company, underpinned by the world’s first major carbon emission heavy industry operation to set a target to achieve carbon neutrality by 2030.”
To remove scope 3 emissions by 2040, Fortescue and FFI have outlined a number of key projects.
This includes the use of green ammonia to power existing and future maritime vessels; the use of renewable energy and green hydrogen in iron and steel production; and research into green iron and cement at low temperatures from Fortescue ores without coal.
Gaines admitted it would take more than just Fortescue to help the company achieve these goals.
“Collaboration is integral to driving the rapid transition to green energy, and we remain committed to actively engaging with our customers, suppliers and other key industry participants to facilitate the reduction of emissions,” Gains said.
“This includes the developments of green hydrogen and ammonia through FFI, which will provide significant opportunities for the steel, cement and land and sea transport industries to decarbonise.”
FFI aims to produce 15 million tonnes of green hydrogen each year by 2030.