The mining tycoon says his iron ore business will stop using fossil fuels by the end of the decade without carbon offsets or carbon capture and storage
Andrew Forrest says net zero is ‘fantasy’ so his goal is ‘real zero’. What does he mean – and can he achieve it?About $45 trillion of global business revenue is covered by corporate “net zero emissions” pledges but iron ore billionaire Andrew “Twiggy” Forrest thinks the whole net zero thing is “fantasy”.
But the analysis also said only 61 of the net zero plans of those 1,145 companies met all integrity criteria, such as the appropriate use of offsets or whether the target covers the entire climate impact of a company.The original concept of “net zero” was for global economies to end almost all fossil fuel use and then use technologies, many not proven at scale, to directly cut atmospheric CO2.
“It seems like the technology to enable Fortescue to reach real zero is either already available or will be soon,” he said. The company told analysts a few months ago that “pivoting to producing green metal” was its planned next step.
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