Fortescue is embracing the mantle of being an early mover in renewable energy adoption.
The Tier 1 mining company is embracing decarbonisation through its Real Zero by 2030 strategy, which involves achieving zero emissions through the complete phase out of fossil fuels.
Net zero, on the other hand, involves achieving a balance between greenhouse gas (GHG) emissions produced and emissions removed from the atmosphere, which involves carbon capture and the purchase of carbon offsets.
Fortescue has various green workstreams in the pipeline, including the decarbonisation of its iron ore mining operations in the Pilbara. The company is also pioneering hydrogen-fuelled haul trucks in partnership with original equipment manufacturer Liebherr, while the ammonia-powered Fortescue Green Pioneer is looking to stamp out GHG emissions from shipping.
Late last week, Fortescue announced its ambitions to build the lowest-cost 24/7 energy system – “one that outcompetes and outprices fossil fuels”.
As such, the company is acting as an intermediary, building alliances that harness the strengths of various jurisdictions. This includes research and development expertise from the US and Australia, engineering excellence from the UK and Europe, and cost-efficient manufacturing in China and the US.
“Together, this creates a powerful multilateral network of commercial cooperation to accelerate decarbonisation and defeat mankind’s greatest threat – global warming,” the company said.
Fortescue announced several partnerships during the United Nations General Assembly which concluded earlier this week in New York.
This includes individual heads of agreements with renewable energy pioneers such as BYD, LONGi, and Envision Energy.
BYD, one of the world’s largest manufacturers of electric vehicles and batteries, is set to supply its leading energy storage systems, while LONGi will supply its photovoltaic modules and solar technology.
Envision will supply its N182-7.8MW turbines for the first stage of Fortescue’s Pilbara wind project. These turbines are engineered to withstand extreme weather and perform in low-wind conditions.
The acquisition of Spanish renewable technology company Nabrawind will further bolster Fortescue’s green ambitions.
“The world once benefited from open trade and cooperation – now it is divided,” Fortescue executive chair and founder Andrew Forrest said.
“Fortescue is showing that industry can help glue back that multilateral spirit, not through rhetoric but through practical alliances that prove heavy industry can follow a new path – one where profits rise as emissions fall.”
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