Fortescue Future Industries joint statement of intent with the Government of Indonesia in worldwide movement toward zero emissions

Indonesia – Fortescue Future Industries Pty Ltd (FFI) is proud to sign a Joint Statement of Intent with the Government of the Republic of Indonesia that accelerates Indonesia toward net zero emissions.

Fortescue Metals Group (Fortescue) Chairman, Dr Andrew Forrest AO, said the Company applauds the Government for its commitment to bring forward its target date to achieve net zero emissions to 2060, with the potential for further acceleration by two decades through rapid investment in green energies such as green hydrogen.

This Joint Statement of Intent declares that the renewable energy resources of Indonesia can economically supply Indonesia’s energy and industrial needs, provided these are developed rapidly and at sufficient scale to satisfy the need for abundant, cheap, zero pollutant energy.

Significantly, the Joint Statement of Intent was co-signed by Adaro, one of Indonesia’s largest thermal coal exporters, who have committed to transition into renewable green energies.

“FFI, together with Adaro, will keenly support the conversion of Indonesia’s fossil fuel driven economy to zero emissions renewable energy,” Dr Forrest said.

“FFI is committed to being a thought-leader, investor, and developer of major green energy projects and we look forward to continuing to work with the Indonesian Government to achieve their goals.”

In September 2020, FFI entered into a Deed of Agreement with the Government of the Republic of Indonesia to conduct development studies into the feasibility of projects utilising Indonesia’s hydropower and geothermal resources to support large-scale green energy and green industrial operations.

Background

In March 2021 Fortescue Metals Group announced a target to achieve carbon neutrality by 2030, ten years earlier than the previous target. FFI will be a key enabler of this target through the development of green electricity, green hydrogen and green ammonia projects in Australia.

Fortescue is seeking to move from being a major consumer of fossil fuel, with a current trajectory of more than 1 billion litres a year of diesel being used across the operations if no remedial action is taken, to a major renewable energy producer and exporter.

FFI is harnessing the world’s undeveloped renewable energy resources to develop green hydrogen and other green industrial products through a large-scale global supply chain across three major production hubs – Australasia, Latin America and Europe/Africa.