SynopsisFortescue, a major player in the mining industry, will announce during Climate Week at the United Nations General Assembly that it's discontinuing the purchase of carbon offsets starting this financial year. Instead, all allocated funds will support Fortescue's ambitious decarbonization plan to achieve Real Zero by 2030. This shift represents a substantial financial commitment, equivalent to hundreds of millions of dollars in FY24, to reducing emissions. The company's dedication to addressing climate change is evident in its achievements and short-term emission reduction targets.ArticleIn a significant and environmentally forward move, Fortescue, a prominent player in the mining industry, is set to make a groundbreaking announcement during Climate Week at the United Nations General Assembly (UNGA). The company has decided to discontinue its practice of purchasing carbon offsets, effective immediately in this financial year.Instead, Fortescue has chosen to channel all funds previously allocated to carbon offsets into its ambitious decarbonization plan aimed at achieving Real Zero by 2030. This commitment represents an enormous financial dedication, equivalent to several hundred million dollars for the fiscal year 2024. It underscores Fortescue's unwavering resolve to combat climate change and transition to more sustainable practices.The journey towards Real Zero began for Fortescue just one year ago when the company unveiled its costed target at UNGA in New York. Since then, Fortescue has made remarkable strides, achieving crucial milestones in its efforts to eliminate terrestrial Scope 1 and 2 emissions from its Australian iron ore operations by 2030.Speaking at the launch of Fortescue's Break Up from Fossil Fuels campaign at UNHQ, Metals CEO Dino Otranto expressed the company's commitment to these ambitious targets. He stated, "Our short-term target is for our emissions to reach their peak by 2025/26 and then significantly decline by 2027/28. This is due to a new mine coming online and our investments in green technology and renewable energy. Our ultimate goal is to achieve zero emissions by 2030."One notable aspect of this decision is that Fortescue becomes the only heavy emitter in the world to halt the purchase of voluntary offsets. The company will now focus on reducing its own emissions rather than relying on offsets.The transition to a greener future is already underway for Fortescue. The company's first battery electric haul truck has been deployed on-site, and plans are in place to replace the entire fleet with zero-emission trucks and equipment, including battery electric and green hydrogen models. Additionally, Fortescue is increasing its use of renewable power on-site to replace fossil fuel-based electricity.Fortescue Energy CEO, Mark Hutchinson, emphasized the urgency of the climate crisis and Fortescue's commitment to addressing it. He noted the severe impact of extreme weather events and rising temperatures worldwide and stressed the need for swift action.Looking at the decarbonization milestones achieved to date, Fortescue has already made significant progress. A prototype battery electric haul truck has arrived and is undergoing testing, with a green hydrogen fuel cell version in the works. An Offboard Power Unit designed to power equipment such as electric excavators has been delivered to the site. Furthermore, the company has initiated field testing of a dual-fuelled prototype ammonia-powered locomotive, among other developments.In the coming fiscal years (FY24 and FY25), Fortescue has ambitious plans that include the completion of a 100MW solar farm, the construction of additional transmission lines, investment in multiple solar farms, and the achievement of a Final Investment Decision on a large-scale wind farm. The company also plans to invest heavily in zero-emissions solutions for decarbonization, including battery electric and green hydrogen haul trucks and a zero-emissions rail solution for transporting iron ore from mines to port.ConclusionFortescue's focus remains on decarbonizing its operations, fostering green iron and steel opportunities, and building a global green energy and green hydrogen business to replace fossil fuels. The company's commitment to addressing the climate crisis serves as a powerful example of how the corporate sector can take proactive steps towards a more sustainable future.