Fortescue smashes export record, calls time on hydrogen projects
The company, founded by Andrew Forrest whose wealth is estimated by the Financial Review Rich List to be $12.68 billion, told investors it could grow iron ore volumes by a further 3 per cent in the year ahead.
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Sydney Morning Herald
13 hours ago
- Sydney Morning Herald
Forget net zero. We need ‘real zero' – and these companies prove it's profitable
We see net zero emissions pledges everywhere, but only 14 per cent of Australians actually understand what net zero means. Who could blame them? Since the Paris Agreement in 2015, the term 'net zero' has been misused and misconstrued. This is largely because it was co-opted by the fossil fuel industry, which has exploited the 'net' in net zero as a loophole to rely on carbon offsets rather than make genuine emissions reductions. Ultimately, net zero has become a benchmark for complacency, and it is failing us. If we want to maintain a livable planet, we need businesses to commit to 'real zero'. That isn't a buzz phrase. It's a climate goal that is exactly what it sounds like: phasing out fossil fuels to reach zero emissions as fast as possible without reliance on offsets – no asterisk and no 'net'. Why do we need it? The recent extension of the North West Shelf gas project in Western Australia is a classic example of how net zero enables greenwashing by fossil fuel companies – Woodside claims to be aiming for 'net zero in our direct emissions by 2050', while also expanding a fossil fuel project that is estimated to produce more emissions per year than the entire country of Ireland. It does not even come close to passing the pub test, let alone a scientific assessment. Net zero greenwashing is eroding public trust in climate action because it's getting too hard to tell which companies are making genuine efforts to decarbonise, and which are not. Climate Integrity, the organisation I lead, recently published a Real Zero Leadership report alongside the University of Technology Sydney, which names IKEA, Fortescue and Lendlease as real zero decarbonisation leaders. The intention was to provide Australia with north-star examples of genuine climate action that is happening right now, at a time when many global businesses are backsliding on commitments. Loading To be clear, Climate Integrity is a proudly not-for-profit climate advocacy organisation, which commissioned and funded this research independently of the 15-plus companies we assessed. We have received funding from none of them. So, why Fortescue, IKEA and Lendlease? Because they're all companies of a significant (and impactful) size, setting ambitious, science-based commitments to phase out fossil fuels earlier than 2050, without relying on carbon offsets. And because if they can do it, others can too. So, what does real zero look like in the real world?
The Age
13 hours ago
- The Age
Forget net zero. We need ‘real zero' – and these companies prove it's profitable
We see net zero emissions pledges everywhere, but only 14 per cent of Australians actually understand what net zero means. Who could blame them? Since the Paris Agreement in 2015, the term 'net zero' has been misused and misconstrued. This is largely because it was co-opted by the fossil fuel industry, which has exploited the 'net' in net zero as a loophole to rely on carbon offsets rather than make genuine emissions reductions. Ultimately, net zero has become a benchmark for complacency, and it is failing us. If we want to maintain a livable planet, we need businesses to commit to 'real zero'. That isn't a buzz phrase. It's a climate goal that is exactly what it sounds like: phasing out fossil fuels to reach zero emissions as fast as possible without reliance on offsets – no asterisk and no 'net'. Why do we need it? The recent extension of the North West Shelf gas project in Western Australia is a classic example of how net zero enables greenwashing by fossil fuel companies – Woodside claims to be aiming for 'net zero in our direct emissions by 2050', while also expanding a fossil fuel project that is estimated to produce more emissions per year than the entire country of Ireland. It does not even come close to passing the pub test, let alone a scientific assessment. Net zero greenwashing is eroding public trust in climate action because it's getting too hard to tell which companies are making genuine efforts to decarbonise, and which are not. Climate Integrity, the organisation I lead, recently published a Real Zero Leadership report alongside the University of Technology Sydney, which names IKEA, Fortescue and Lendlease as real zero decarbonisation leaders. The intention was to provide Australia with north-star examples of genuine climate action that is happening right now, at a time when many global businesses are backsliding on commitments. Loading To be clear, Climate Integrity is a proudly not-for-profit climate advocacy organisation, which commissioned and funded this research independently of the 15-plus companies we assessed. We have received funding from none of them. So, why Fortescue, IKEA and Lendlease? Because they're all companies of a significant (and impactful) size, setting ambitious, science-based commitments to phase out fossil fuels earlier than 2050, without relying on carbon offsets. And because if they can do it, others can too. So, what does real zero look like in the real world?
AU Financial Review
a day ago
- AU Financial Review
Meet the Brisbane fundie backing Fortescue just as others steer clear
While institutional investors have been quietly abandoning Fortescue – wary of its lower grade iron ore, high executive turnover and costly green hydrogen ambitions – one fund manager is swimming against the tide. Michael Bell, chief investment officer of Brisbane-based Solaris Investment Management, has taken a large position in the beleaguered miner, making him one of the very few bigger investors to still back the company.
