<
https://reneweconomy.com.au/fortescue-says-rapid-push-to-real-zero-is-paying-dividends-as-technology-costs-tumble/>
"Iron ore major Fortescue Metals says it is making real progress on its “real
zero” ambitions, as the cost of key decarbonisation technologies like battery
storage and electric mining equipment continues to fall, pushed downwards by
the “investment supercycle” currently underway in China.
Fortescue’s Real Zero Target aims to eliminate Scope 1 and 2 emissions from its
Australian terrestrial iron ore operations by the end of 2030, effectively
meaning it will not burn gas or diesel for power or for transport and mining
operations.
The ambitious goal, spearheaded by Fortescue founder and executive chair Andrew
Forrest, contrasts with the go-slow being executed by fellow Australian mining
giant BHP and the complete and utter rejection of any and all action on climate
by fellow iron ore magnate Gina Rinehart.
And in the background, Australian political debate around Net Zero has
polarised, with federal Labor preparing to announce its interim, 2035 emissions
reduction target while a bizarre, Barnaby Joyce-led campaign calls for the
federal Net Zero by 2050 target to be scrapped.
Fortescue, however, remains undeterred.
Asked about the cost of Real Zero, and the impact of inflationary pressures on
the economic case for emissions reduction at its annual results briefing on
Tuesday, Fortescue said the mission to decarbonise is already paying dividends
because costs are being balanced out by savings on diesel fuel and falling
costs of technology.
“I wouldn’t be too concerned about inflationary pressures,” CEO Dino Otranto
said. “I think that’s been largely offset by the reduction in cost we’re seeing
in technology advances through solar, wind and battery energy."
Cheers,
*** Xanni ***
--
mailto:xanni@xanadu.net Andrew Pam
http://xanadu.com.au/ Chief Scientist, Xanadu
https://glasswings.com.au/ Partner, Glass Wings
https://sericyb.com.au/ Manager, Serious Cybernetics
