Fortescue Metals Group has defended its “crazy” green ambitions, saying the bold plans are a commercial imperative, not just environmental.
The miner’s new Fortescue Future Industries division has been inking deals around the world to look into massive “green” hydrogen and renewable energy projects, with founder and chair Andrew ‘Twiggy’ Forrest flagging potential costs worth more than $US100bn ($134.6bn).
At its annual general meeting late on Tuesday, a shareholder asked roughly how long it would take for FFI to become profitable. “At the core of activities of FFI is actually the decarbonisation of Fortescue and we see that as a very important part of FFI’s activities,” chief executive Elizabeth Gaines replied.
“If you think about our goal to be carbon neutral by 2030, we see that as a significant commercial opportunity for Fortescue to generate more profits, to lower our costs, to get a premium for our iron ore, which will be green.
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