MELBOURNE, August 30 (Reuters) – Australia’s Forseus Metals Group (FMX) plans to announce a recent target to reduce consumer emissions.
The world’s No. 4 steel producer is pursuing the most ambitious plans in the industry in its efforts to convert fossil fuels and green hydrogen through Fortsky Future Industries (FIF).
“In fact, the first big step in creating the supply for customers must be the big one – create a green metal mine,” said Andrew Forrest, founder and chairman of the company.
He said the targets will be announced next month and the company has stopped announcing the goals until it is confident that it will be successful.
FIF spent $ 122 million last year, developing $ 400 million to $ 600 million by June 2022, developing green trains, trucks, and shipping and trapping technologies.
Forrest, for his part, said allocating Fortescue’s net profit to FFI 10% would be more than enough to achieve the company’s goals – including achieving net zero emissions on its operations and supplying 15 million tons of green hydrogen by 2030.
That 2030 timeline is much faster than that of its main rivals BHP Group (BHP.AX) and Rio Tito (RIO.AX), both of which aim to achieve net zero emissions by 2050. Read more
“There is a queue of investors around the world – debt, equity and others – ready to invest alongside Fortisco’s reputation,” Forrest said.
To achieve its target of 15 million tons per year, the company will need 2 megawatts of electrolyzer capacity to generate green hydrogen to distribute the water.
By comparison, other large-scale projects under construction in Australia aim to have 10 megawatts of electrolysis or FFI capacity by 0.5% by 2030.
Chart Synopec Corporation is interested in Fortsquay plans to produce more than 1 million tons of green hydrogen from renewable energy sources between 2021 and 2025.
Report by Sonali Paul; Edited by Edwin and Gibbs
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