13 Nov Fortescue lays out plan for major expansion of its renewables business
Australia-based mining giant Fortescue Metals Group (FMG) has announced that it will focus on growing the renewable energy segment of its business to rival fossil fuel companies and eventually reach its net zero emissions target by 2040.
At its recent AGM, Fortescue founder and chairman Andrew Forrest revealed plans to deliver high quality green hydrogen and green ammonia from projects across the globe via the new Fortescue Future Industries (FFI) business arm.
Forrest said the company, which built an expansive iron ore production hub in Western Australia’s Pilbara region during the 2000s, is aiming to repeat that success in the growing renewables space by operating entire supply chains.
“We’re building a very major renewable energy and green industry business at global scale,” he said. FFI will create 235GW of installed energy capacity, a base that is larger than Chevron’s energy production last year.
“Once we can create sufficient renewable energy and sufficient renewable fuels where we can guarantee — like the oil and gas sector can guarantee reliable supply at volume and at scale — that there will be a variable stampede into renewable energy,” he said.
“When we as Fortescue, the pioneer, can really lead the way of large volume, low cost, green hydrogen and green ammonia shipped around the world, then you’ll see others join and you will begin to see the commercial driving end of climate change.”