Fortescue given below-average ESG score

Fortescue Metals Group has been handed a below-average environmental, social and governance score by one of the world’s biggest credit ratings agencies, as the miner’s decarbonisation plans and strong safety record fail to offset the emissions intensity of its iron ore business.

FFI is key to Fortescue’s ambitious net zero emissions targets – scope one and two by 2030 and scope three by 2040 – and aims to produce 15 million tonnes a year of green hydrogen by 2030.Fortescue’s latest push in its green energy transition – being driven by founder Andrew Forrest – emerged on Monday when it, a battery and engineering company with historic links to the famous Williams Formula One motorsport team.

In full-year 2021, Fortescue’s scope one and two gross emissions rose 7 per cent to 2.22 million tonnes of carbon dioxide equivalent as it expanded its iron ore operations. Net emissions fell to 2.01 million tonnes as it “procured and surrendered high quality offsets”. Scope three emissions -- those generated by customers -- totalled a further 252 million tonnes of carbon dioxide equivalent, mostly from crude steel manufacturing.

Source: Energy Industry News (energyindustrynews.net)

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