Fortescue has agreed to collaborate with COSCO Shipping to construct and deploy its vessels and co-owned vessels that will be powered by green ammonia.
Under a non-binding Memorandum of Understanding, the two companies will explore sustainable shipping to transport iron ore and other mineral products. The goal is to reduce the Australia-China Iron Ore Green Shipping Corridor’s carbon emissions.
“The shipping industry plays a vital role in global trade however also contributes significantly to the world’s carbon emissions,” explained Fortescue Metals’ CEO, Dino Otranto.
“This collaboration marks a significant step in decarbonising the shipping industry and establishing a green fuel supply chain. It also paves the way for collaboration on a variety of decarbonisation solutions which we believe will be integral to delivering on our ambitious target of Net Zero Scope 3 emissions by 2040.”
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