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Fortescue's statement on the release of the IPCC report

21 March 2023

We fully support the recommendations of the Intergovernmental Panel on Climate Change (IPCC) report.

Fortescue and its immediately associated companies, strongly endorse that humanity has everything it needs – the finance, the green technologies – to avoid the worst of climate warming.

Provided all other industrial companies adopt the same urgency as we have, global warming can be limited to 1.5°C. To assist countries and companies across the world to meet this threat, Fortescue will make available its technology, processes, equipment, green technology and green hydrogen generation capacity to all companies and countries.

Through our US$6.2 billion decarbonisation roadmap, Fortescue is moving quickly to eliminate the use of fossil fuels and achieve real zero emissions (Scope 1 and 2) across our terrestrial operations by 2030. We aim to demonstrate that heavy industry can decarbonise, profitably.

Green hydrogen, green ammonia and green electrons will play a key role in not only decarbonising our iron ore operations, but also parts of the global economy including aviation, shipping, industry and farming. Widespread electrification, powered by renewable electricity, is also critical.

Fortescue Founder and Executive Chairman, Dr Andrew Forrest AO said, “Any country or company who either ignores or worse, issues supporting statements and does nothing, must be held responsible for the impending existential threat, which has begun.

“Those executive and political leaders who do not exercise their imagination and innovative skills to move away from fossil fuels within an acceptable timetable, must feel the shame of their selfish short-sightedness.

“Further, these executives and politicians are not enriching the standard of delivery to their stakeholders by clinging to fossil fuels, rather they will impoverish them.

“This is essentially the last IPCC report we have while it is still possible to avoid 1.5°C warming. By the time the next report comes out, we will either have achieved what needs to be achieved, or we are treading down the pathway of an unliveable planet.

“There is no part of the planet that will not be changed by our failure to act. Every day counts if we are to halve global emissions by 2030.

“Despite the meltdown in the banking market precipitated by the breakdown of Credit Suisse, Silicon Valley Bank and others, I remind the entire financial community that if their activities are hooked on fossil fuel, they are living in a house of straw.

“If they instead choose to use this collapse and the IPCC report to rapidly change, they will be the substantial financial institutions of our future. Their leadership to utilise this crisis as an opportunity to rapidly change their banking processes and eliminate loans to the fossil fuel sector will be key to their success.”