Fortescue becomes first major industrial company to endorse global movement for fossil fuel treaty

Fortescue has formally endorsed the proposed Fossil Fuel Non-Proliferation Treaty, an initiative committed to setting clear deadlines for the phase out of fossil fuels globally. It is the largest company globally and first major industrial business to endorse the initiative.

At the World Economic Forum in Davos, Switzerland, the Fossil Fuel Treaty Initiative announced that it had accepted Fortescue’s endorsement.

The decision is vindication of Fortescue’s transparent pursuit of its Real Zero 2030 target, with the Fossil Fuel Treaty Initiative undertaking a detailed, months-long analysis of Fortescue’s commitments before accepting its endorsement. Real Zero entails the elimination of fossil fuels, rather than reliance on voluntary carbon offsets or carbon capture and storage.

The announcement was made by the Fossil Fuel Treaty Initiative’s Founder & Chair, Dr Tzeporah Berman, and Dr Forrest at a Fortescue-hosted roundtable at the World Economic Forum, entitled “Leading a Profitable and Rewarding Switch to Green Energy by 2040” and featuring executives from some of the world’s heaviest emitters.

The announcement comes after Fortescue’s Real Zero climate transition plan was independently assessed against the criteria of the UN High Level Expert Group on Net Zero by Climate Integrity and the University of Technology Sydney. The assessment found alignment or partial alignment for all criteria.

Fortescue’s commitments include the ‘high-ambition’ Climate Transition Plan, unveiled at the United Nations General Assembly last September; ongoing commitment to pursue validation with the Science Based Targets Initiative; and submissions to the Australian Government consultative process on the Government’s 2035 emission-reduction target.

Ms Tzeporah Berman welcomed the endorsement: “Fortescue is one of the only major industrial companies that is committed to reaching climate targets through absolute reductions in fossil fuel use instead of questionable offsets and is not investing in any fossil fuels. This kind of leadership is exciting and after careful assessment of their policies and practices we are thrilled to accept their endorsement of the Fossil Fuel Treaty Initiative.

The Fossil Fuel Treaty proposal aligns with Fortescue’s Real Zero ambition, supporting a fast and fair fossil fuel phase out and a 100 per cent reduction in emissions while calling for investment to move away from “net” zero technologies and into renewable technologies aimed at achieving Real Zero.

The push to negotiate a Fossil Fuel Treaty is spearheaded by a bloc of 16 countries across four continents and is focused on managing an equitable phase out of fossil fuels and financing a global just transition away from the threat of coal, oil and gas production.