Fortescue becomes first major industrial company to endorse global movement for a fossil fuel treaty
Fortescue has formally endorsed the proposed Fossil Fuel Non-Proliferation Treaty, an initiative committed to setting clear deadlines for the phase out of fossil fuels globally. It is the largest company globally and first major industrial business to endorse the initiative.
Dr Andrew Forrest AO, Fortescue Executive Chairman and Founder, alongside Dr Tzeporah Berman, the Fossil Fuel Treaty Initiative’s Founder & Chair, at a Fortescue-convened roundtable at the World Economic Forum in Davos. They were also joined by Secretary John Kerry (left) and former U.S. Vice President Al Gore at the event.
Fortescue has formally endorsed the proposed Fossil Fuel Non-Proliferation Treaty, an initiative committed to setting clear deadlines for the phase out of fossil fuels globally. It is the largest company globally and first major industrial business to endorse the initiative.
At the World Economic Forum in Davos, Switzerland, the Fossil Fuel Treaty Initiative announced that it had accepted Fortescue’s endorsement.
The decision is vindication of Fortescue’s transparent pursuit of its Real Zero 2030 target, with the Fossil Fuel Treaty Initiative undertaking a detailed, months-long analysis of Fortescue’s commitments before accepting its endorsement. Real Zero entails the elimination of fossil fuels, rather than reliance on voluntary carbon offsets or carbon capture and storage.
The announcement was made by the Fossil Fuel Treaty Initiative’s Founder & Chair, Dr Tzeporah Berman, and Dr Forrest at a Fortescue-hosted roundtable at the World Economic Forum, entitled “Leading a Profitable and Rewarding Switch to Green Energy by 2040” and featuring executives from some of the world’s heaviest emitters.
The announcement comes after Fortescue’s Real Zero climate transition plan was independently assessed against the criteria of the UN High Level Expert Group on Net Zero by Climate Integrity and the University of Technology Sydney. The assessment found alignment or partial alignment for all criteria.
“Fortescue is the first Australian company Climate Integrity has assessed that has a plan to phase out fossil fuels without carbon offsetting, an industry-leading benchmark for climate ambition," said Claire Snyder, Director of Climate Integrity.
Fortescue’s commitments include the ‘high-ambition’ Climate Transition Plan, unveiled at the United Nations General Assembly last September; ongoing commitment to pursue validation with the Science Based Targets Initiative; and submissions to the Australian Government consultative process on the Government’s 2035 emission-reduction target.
“If Fortescue can achieve Real Zero by 2030, there is no reason the rest of the world can’t follow by 2040. The economics make sense and the technological solutions exist to phase out fossil fuels,” Dr Forrest said.
“While fossil fuel companies bury their heads in the sand as while hellish wildfires cause unimaginable damage to Los Angeles, Fortescue and the growing bloc of countries seeking to negotiate a Fossil Fuel Treaty understand the need for real action to combat climate change.
“Negotiating a Fossil Fuel Treaty presents a unique opportunity to help realise Real Zero at a global scale through meaningful government and corporate action. I call on other heavy emitters to endorse the Treaty proposal and commit to a future beyond fossil fuels.”
Ms Tzeporah Berman welcomed the endorsement: “Fortescue is one of the only major industrial companies that is committed to reaching climate targets through absolute reductions in fossil fuel use instead of questionable offsets and is not investing in any fossil fuels. This kind of leadership is exciting and after careful assessment of their policies and practices we are thrilled to accept their endorsement of the Fossil Fuel Treaty Initiative.
“This landmark decision not only underscores Fortescue’s commitment to its ambitious Real Zero 2030 target, but also sets a powerful precedent for other companies to follow. It signals to the market that the transition to a fossil fuel-free future is not only necessary; it is achievable and economically viable.
“We invite companies across all sectors to join us in this growing movement of countries, organizations, individuals and businesses that are pushing for a Real Zero emissions target, showing that this can only be achieved one way: by phasing out the production and use of fossil fuels, and by putting a decisive end to new investment.
“Together, we can chart a sustainable path that not only protects our planet, our communities and everything we love, but also unlocks new, sustainable and profitable economic opportunities for future generations and supports governments who are charting a truly ambitious course for fossil fuel phase out and a new Treaty.”
The Fossil Fuel Treaty proposal aligns with Fortescue’s Real Zero ambition, supporting a fast and fair fossil fuel phase out and a 100 per cent reduction in emissions while calling for investment to move away from “net” zero technologies and into renewable technologies aimed at achieving Real Zero.
The push to negotiate a Fossil Fuel Treaty is spearheaded by a bloc of 16 countries across four continents and is focused on managing an equitable phase out of fossil fuels and financing a global just transition away from the threat of coal, oil and gas production.
The growing bloc of countries includes Colombia, Timor Leste, Pakistan, and a coalition of small island nations from the Caribbean and the Pacific.
It also has the backing of the World Health Organisation, the European Parliament, 3,000 scientists, 101 Nobel Laureates, 123 cities and subnational governments including the State of California, more than 3,500 civil society organizations from 123 countries, more than 850 elected officials from over 85 countries, 25 banks and 1 million individuals.
Media contact:
Fortescue
M: 1800 134 442
Fossil Fuel Non-Proliferation Treaty Initiative
E: nathalia@fossilfueltreaty.org
M: +55 61 991371229