I don’t have to tell you how much the shipping industry is the lifeblood of international trade, a crucial artery of the world economy. It plays a pivotal role in connecting nations, and businesses to customers and consumers across the globe. 90% of global trade is carried across our oceans and Fortescue knows the importance of shipping as well as anyone. We ship more than 180 million tonnes of iron ore a year. The world needs shipping – and the world also needs us to act immediately on climate change.
But, while shipping is the backbone of the world’s economy, it also accounts for around 3% of global emissions[1]. If shipping were a country, it would be the eighth largest emitter in the world, with the shipping industry alone contributing more greenhouse gas emissions globally than the entirety of Australia. According to a 2024 Marine shipping report by Wärtsilä, this figure is expected to rise to between 5-8% by 2050[2]. The need for cross-industry action is indisputable, and shipping has taken its first steps towards a sustainable future, and Fortescue wants to be at the helm. We are contributing to the problem. Shipping our iron ore to the world is responsible for 11% of our Scope 1 emissions as a company. But, we’re doing something to change that.
We believe that green ammonia, a green hydrogen derivative, is key to decarbonising long-haul shipping…
Fortescue has a bold mission: to spearhead the global transition from fossil fuels to a sustainable, green energy future. We stand out in the mining sector with an unrivalled ambition to fully decarbonise our terrestrial iron ore operations by 2030 (Scope 1 and 2) and achieve carbon neutrality for its Scope 3 emissions by 2040. This dual approach focuses not only on transforming our own operations but also on developing and scaling green technologies vital for other heavy industry players. We know we need others to join us in combating climate change.
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