The Elements of Innovation Discovered
The Elements of Innovation Discovered
Metal Tech News - October 4, 2024
Fortescue says that large industrial sites like its iron ore mines in Western Australia must eliminate CO2 emissions to minimize the global impacts of climate change.
Most mining companies do not lead their climate goals page with "We're part of the problem." Australia-based iron ore producer Fortescue is not like most mining companies when it comes to admitting it is "a heavy emitter" or setting carbon dioxide reduction targets that are much more aggressive than their peers or even those outlined in the Paris Agreement.
While most major mining companies have aligned their climate goals with achieving the Paris Agreement target of achieving net-zero greenhouse gas emissions by 2050, Fortescue has set a higher bar of "Real Zero" emissions by 2030.
In addition to moving the timeline up by two decades, Real Zero is a much more aggressive target than net-zero.
"Net Zero is widely used around the world and we have a problem with it, because it is not real," Fortescue pronounces on its Real Zero climate webpage.
"Real Zero is exactly what it sounds like. It means eliminating emissions without any offsets to get to zero. No offsets, no sneaky carbon accounting and no excuses," the company adds. "We are going to replace all of our fossil fuels with green energy."
During a recent interview with CNBC's "Street Signs Europe," Andrew Forrest, the founder and chairman of Fortescue, challenged his colleagues in the business world and political leaders on the global stage to step up and achieve Real Zero a decade ahead of the net-zero targets outlined in the Paris Agreement.
"We know the world can go Real Zero 2040 and I'm reaching out to the business people and politicians across our planet to say it is time now to walk away from this proven fantasy [of] net zero 2050 and adopt real zero 2040," Forrest said. "We can, we must, let's do it."
Fortescue's seven-year map to Real Zero.
Fortescue, the fourth largest iron ore producer on the planet, reflects the fiery spirit and bold vision of its billionaire founder.
"We don't shy away from the fact that we are a heavy emitter," the company penned on its Real Zero webpage. "In fact, every year we emit 2.5 million tonnes (metric tons) of CO2 equivalent into the atmosphere from our Australian iron ore operations and Fortescue marine vessels."
Believing that "heavy industry must change" in order to minimize the global impacts of climate change, Fortescue has committed $6.2 billion to achieve its Real Zero targets by 2030.
As part of this commitment, the major iron ore producer announced a historic $2.8 billion partnership with German heavy equipment manufacturer Liebherr to further advance the technologies needed for zero-emissions mining during a Sept. 25 event at MINExpo 2024, a global mining convention held in Las Vegas, Nevada.
"This is an important next step in our 2030 Real Zero target – to eliminate emissions from our Australian iron ore operations by the end of the decade," said Forrest. "The world needs Real Zero now – it simply cannot afford to wait."
Alongside the multi-billion-dollar Real Zero mining partnership announcement, Liebherr unveiled the 240-metric-ton T 264 battery-electric autonomous haul truck that is powered by 3.2 megawatt-hour battery developed by Fortescue Zero, a Fortescue subsidiary established to pioneer clean energy technologies.
A Liebherr T 264 battery-electric autonomous haul truck on display at MINExpo 2024.
A 400-metric-ton Liebherr R 9400 E electric excavator on display at MINExpo 2024.
"The T 264 battery-electric truck, powered by a Fortescue Zero battery power system, will be one of the first zero emissions solutions for mine haulage in operation globally," said Fortescue Metals CEO Dino Otranto. "It combines Fortescue Zero's heritage of innovation, delivering a battery power system designed for best-in-class range and durability in all mining environments, with Liebherr's proven haul truck excellence."
Toward its Real Zero 2030 goal, Fortescue has ordered 360 T 264 battery-electric, 60 PR 776 zero-emission dozers, and 55 giant R 9400 E electric excavators from Liebherr.
With this purchase, Fortescue is backing up its founder's bold claims.
"We're a huge industrial company, massive polluter, we'll go Real Zero," Forrest said in his interview with CNBC. "We'll stop burning all fossil fuels easily this decade, not next, this decade."
"We're saying to the world, 'if you want to hold that planetary boundary to a future which is inheritable, tolerable for your kids then we must go real zero. We must stop burning fossil fuels by 2040,'" he added.
With more than 16 years of covering mining, Shane is renowned for his insights and and in-depth analysis of mining, mineral exploration and technology metals.
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