Australian iron ore billionaire Andrew Forrest has announced a $9.2 billion (US$6.1 billion) plan to “eliminate” his mining empire Fortescue’s “fossil fuel risk profile” in a bid to gear up for the renewable shift amid concerns that the new processes will impact low-quality iron ore, coal steel and zinc supply chains.
Forrest announced his company’s “decarbonisation strategy” in New York at US President Joe Biden’s First Movers Coalition and the United Nations Global Compact, with the Secretary General of the United Nations at a CEO roundtable on “Business leadership to rescue the Sustainable Development Goals.”
Decarbonisation is understood as reducing or stopping carbon gases, especially carbon dioxide (CO2), and lowering the amount of greenhouse gas emissions produced by burning fossil fuels….