Fortescue Executive Chairman Andrew Forrest has called on the global community to abandon the “proven fantasy” of achieving net zero emissions by 2050 and instead aim for “real zero” by 2040.
In an interview with CNBC’s "Street Signs Europe," Forrest urged business leaders and politicians reluctant to take decisive action on the climate crisis to make way for those prepared to lead the push toward decarbonization.
“We know the world can reach real zero by 2040. I’m reaching out to business people and politicians across the globe to say it’s time to abandon the proven fantasy of net zero 2050 and adopt real zero 2040,” Forrest said.
“We can, we must, and we should do it now.”
Fortescue has already set plans to eliminate fossil fuels from its Australian iron ore operations by 2030.
Last week, the company, in collaboration with German-Swiss manufacturer Liebherr, secured orders for 100 battery-powered autonomous mining trucks for other mining and transport companies. These trucks were developed as part of Forrest’s broader strategy to cut both direct and indirect emissions.
“Real zero means using the technology we have now—technology that’s rapidly improving—to stop burning fossil fuels by 2040,” Forrest said.
“Achieving this by 2030 gives us a 50:50 chance of avoiding the worst impacts of global warming,”
Fortescue has been exploring various strategies to produce green iron metal, which, according to Forrest, could see strong demand from steel plants in China, Japan, South Korea, and Europe.
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