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(Bloomberg) — Australian billionaire Andrew Forrest’s Fortescue Metals Group will spend $6.2 billion over the next decade to decarbonize its iron ore operations, as it attempts to eliminate fossil fuels from its business by 2030.
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The Perth-based company will spend $3.2 billion building 2 to 3 gigawatts of renewables, battery storage and transmission lines, and onsite charging infrastructure at its projects in Western Australia’s Pilbara region, it said in statement on Tuesday. The renewable energy will replace diesel at its mines and will help it reach what it calls “real zero” emissions, defined as no fossil fuels and no carbon offsets “wherever possible,” it said.
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Fortescue will also spend $1.3 billion on a fleet of low carbon vehicles, $900 million on new infrastructure, and $800 million on “demand response,” it said. The majority of the investment will be made between 2024 and 2028.
Forrest has talked up business opportunities in clean energy, and set up Fortescue Future Industries in 2020 with a promise to manufacture 30 million tons of green hydrogen 2030. But so far the firm has invested little in building the hundreds of gigawatts of renewables needed to manufacture that hydrogen.
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