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Fortescue has released its climate transition plan, inspired by the United Nation’s Race to Zero campaign.

The report was created with guidance from the Transition Plan Taskforce, created by His Majesty’s Treasury, as well as the Taskforce on Climate-Related Financial Disclosures that was formed by the Financial Stability Board.

It also progresses Fortescue’s preparation for the adoption of the International Sustainability Standards Board’s climate standard, IFRS S2. This standard is currently in the process of being mandated by the Australian Government for organisations such as publicly listed companies on the Australian Securities Exchange (ASX).

The company’s climate transition strategy involves decarbonising its material, operational and value chain emissions, undergoing a business transition through Fortescue Energy ­– Fortescue’s global green energy business – which will produce green energy and green hydrogen, and working to ensure the company is prepared and resilient towards climate risks and opportunities.

During the 2023 financial year (FY23), Fortescue’s total reported greenhouse gas emissions was 270.16 million tonnes of carbon dioxide equivalent (CO2-eq). The company also surrendered 336,833t in CO2-eq of offsets to meet its commitment to annual reductions in Scope 1 and 2 emissions.

“From FY24, we will no longer purchase voluntary carbon offsets for Scope 1 and 2 emissions, instead focusing our efforts on the elimination of real world emissions. Offsets against Scope 1 and 2 emissions will be purchased and relinquished only to the extent required by legislation,” Fortescue said.

“Fortescue has clear, public ambition to eliminate Scope 1, 2 and 3 greenhouse gas emissions. Our climate change targets form part of our broader sustainability strategy and align with a 1.5°C trajectory as we work towards achieving net zero one decade prior to 2050.