Scoring top points for net zero ambition this week is Twiggy Forrest’s 2030 target for iron ore miner Fortescue Metals Group, without offsets, bringing its target forward by a decade.
The decision to fast track the 2040 target, which was already considered ambitious when compared to the 2050 goals set by some of the other major miners, was announced to the ASX on Monday.
Forrest has also committed to trialling and demonstrating commercial green hydrogen technologies at a global scale, with the clean energy source to trialled for shipping, rail and drill rigs. It will also pilot batteries in haul trucks.
FMG’s commitment includes Scope 1 emissions and Scope 2 emissions from any power it purchases but not Scope 3 emissions, which are produced when its iron ore is used to make steel. Conventional steelmaking is an emissions intensive process.
Industry super fund NGS Super has also set itself a new carbon reduction target, aiming for a carbon neutral investment portfolio by 2030.
It claims no other super fund has committed to carbon neutrality within this tight timeframe, with NGS Super chief investment officer Ben Squires calling out 2050 targets as inconsistent with mitigating climate change.
“We acknowledge that pursuing a carbon neutral target date of 2030 is ambitious, but we also believe a 2050 target is misaligned with the timeframes the scientific community has given in relation to stemming human-induced climate change,” he said.
We believe integrating ESG and responsible investment principles is vital to managing risk within our investment portfolio and providing our members with better risk-adjusted returns.
Sealed Air Corporation, the company behind Cryovac and Bubble Wrap brand packaging, is pursuing a 2040 net zero emissions target
Meeting this target will involve automated packaging solutions and systems, advanced recycling and using recyclable and renewable materials, as well as investing in renewable energy, improving operational efficiencies, and reducing waste across the supply chain.
The company has already smashed its 2020 goal to reduce the greenhouse gas intensity of its operations by 25 per cent, instead achieving more than a 44 per cent reduction.
“Our talented people are working hard to create sustainable solutions and innovate to eliminate resource waste,” said Ted Doheny, president and chief executive officer of Sealed Air.
“We will also continue to invest in technology and collaborate with our partners and suppliers to beat this goal.”