Fortescue expects renewables to play major role

Fortescue, one of the five largest iron producers in the world, expects renewables to play a very big part of our overall earnings in the future.

Speaking at the World Economic Forum in Switzerland, former Fortescue chief executive officer Elizabeth Gaines said the company would continue building its iron ore business, but the scale of the world’s green energy transition would see a major increase in demand for renewable energy.

Fortescue is putting its money where its mouth is in terms of decarbonisation.

September 2022 saw the major miner pledge to exit fossil fuels by 2030 as part of a $9.2 billion plan to hit net-zero emissions and to not rely on carbon offsets by the end of the decade.