Mining giant Fortescue says it’s time to walk away from the ‘proven fantasy’ of net zero

Published

2 months ago

October 2, 2024

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Andrew Forrest, chairman of Fortescue Metals Group Ltd., during the Asia-Pacific Economic Cooperation (APEC) CEO Summit in San Francisco, California, US, on Thursday, Nov. 16, 2023.

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Australian mining tycoon Andrew Forrest, founder and executive chairman of Fortescue, says it is time for the world to walk away from the “proven fantasy” of net zero emissions by 2050 and to embrace “real zero” by 2040 instead.

Speaking to CNBC’s “Street Signs Europe” on Wednesday, Forrest called on business executives and politicians reluctant to make the changes necessary to avert the worst of what the climate crisis has in store to make way for leaders willing to take on the decarbonization challenge.

Fortescue, which is the world’s fourth-largest iron ore miner, has outlined plans to stop burning fossil fuels across its Australian iron ore operations by the end of the decade — and urged other hard-to-abate companies to follow suit.

“All those leaders who say to me, say to the world, say to their kids, ‘oh you know we can’t do it, my company can’t do it, I can’t do it, you don’t understand we can’t actually do it,'” Forrest said in an exclusive interview.

“What they are really saying is that you can’t do it. And I’m saying to each of those chief executives and those political leaders who use the words ‘I can’t,’ OK, what about you get off the stage and let on a young girl or wiser leader who can. Someone with a bit of ticker because the technology is there,” he continued.

“We know the world can go real zero 2040 and I’m reaching out to the business people and politicians across our planet to say it is time now to walk away from this proven fantasy [of] net zero 2050 and adopt real zero 2040,” Forrest said. “We can, we must, let’s do it.”

Net zero refers to the goal of achieving a state of balance between the carbon emitted into the atmosphere and the carbon removed from it.

More than 140 countries, including major polluters such as the U.S., India and the European Union, have adopted plans to reach net zero.

A hydrogen-powered haul truck, right, at the Fortescue Metals Group Ltd. Christmas Creek mine in the Pilbara region of Western Australia, Australia, on Tuesday, Oct. 17, 2023.

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To meet the critically important warming threshold of 1.5 degrees Celsius, a target ascribed in the landmark Paris Agreement, global carbon emissions should reach net zero by around the middle of the century, according to the Energy and Climate Intelligence Unit non-profit.

For high-income nations, such as the U.S., it means reaching net zero by 2050 or earlier, while for low-income countries, it can mean achieving net zero by the 2050s or 2060s.

What is ‘real zero’?

“Real zero is the ability of this planet to use the technology it has right now. It’s evolving and it’s getting better very quickly, but to use the technology we have right now to stop burning all fossil fuels by 2040,” Forrest said.

“If we did that by 2030, we’ve got a 50:50 chance of avoiding the worst ravages of global warming — that’s not going to happen. Fortescue is going to make it happen. We’re a huge industrial company, massive polluter, we’ll go real zero. We’ll stop burning all fossil fuels easily this decade, not next, this decade,” he added.

“And we’re saying to the world, if you want to hold that planetary boundary to a future which is inheritable, tolerable for your kids then we must go real zero. We must stop burning fossil fuels by 2040,” Forrest said.

A worker walks in the Green Hub area of the Fortescue Metals Group Ltd. Christmas Creek mine in the Pilbara region of Western Australia, Australia, on Tuesday, Oct. 17, 2023.

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Scientists have repeatedly pushed for rapid reductions in greenhouse gas emissions to stop global average temperatures rising.

These calls have continued through an alarming run of temperature records that have put the planet firmly on course to notch its hottest year in human history in 2024.

Extreme temperatures are fueled by the climate crisis, the chief driver of which is the burning of fossil fuels.

Environment

Ørsted’s largest solar farm in the world is now online in Texas

Published

12 hours ago

November 23, 2024

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Ørsted's largest solar farm in the world is now online in Texas

The Mockingbird Solar Center, Ørsted’s largest solar project globally, is now online, next to protected prairie donated by the renewable energy giant.

This massive 468-megawatt (MW) solar farm is set to power 80,000 homes and businesses, providing a major boost to the Texas grid.

But the launch of Mockingbird Solar isn’t just about clean energy – it’s also about restoring precious ecosystems. Ørsted has donated 953 acres of the Smiley-Woodfin Native Prairie Grassland, which sits next to the solar center, to The Nature Conservancy. The donated land is now the Smiley Meadow Preserve, a protected area for tallgrass prairie that’s home to more than 400 species of grasses and wildflowers.

Tallgrass prairies are some of the rarest ecosystems in the US, with less than 1% of Texas’ original tallgrass prairies still in existence. Tallgrass prairie does a lot of heavy lifting for the environment, including storing carbon, preventing floods, and providing crucial habitats for pollinators.

“Native prairies are the rarest landscapes left in Texas – so much so that many people have never seen one,” said David Bezanson, land protection strategy program director for The Nature Conservancy in Texas. He added that preserving Smiley Meadow will not only conserve one of the best prairie remnants left but also help restore other prairie habitats and boost regional biodiversity.

The Mockingbird Solar Center, a half-billion-dollar project, is part of Ørsted’s $20 billion push to expand renewable energy production across the US. Beyond generating electricity, it will inject $75 million into local property taxes, benefiting schools and other public services. The project also created over 550 construction jobs and will continue to be supported by operations staff moving forward.

Ørsted worked with US companies, including First Solar, for solar panels and partnered with local businesses like Drake Construction and Pfifer Farms for construction materials. It also gave more than $50,000 to local volunteer fire departments in Roxton and Brookston.

With Mockingbird Solar now up and running, Ørsted has more than 6 gigawatts of onshore wind, solar, and battery storage projects either in operation or being built across the US.

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Environment

Cramer names oil and natural gas stocks set to do well under Trump

Published

14 hours ago

November 22, 2024

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Cramer names oil and natural gas stocks set to do well under Trump

CNBC’s Jim Cramer on Friday said companies related to natural gas and oil will thrive under President-elect Donald Trump’s administration and a majority Republican Congress.

“We’re hearing about all sorts of Trump trades right now, and many of these things have made insane moves in less than three weeks, to the point where, actually, they’re feeling precarious to me,” he said. “If you want a sustainable Trump trade, I say bet on the natural gas ecosystem. This is an industry that already had a lot going for it, it just needed some cooperation from the federal government, which it is about to get.”

President Joe Biden’s administration is largely opposed to fossil fuels, Cramer said, and the federal government has worked to block pipelines and paused new liquified gas export authorizations. This dynamic, coupled with a weaker global economy, caused the sector to underperform for much of the year, he suggested. But Trump has shown more favor to the industry, and Cramer pointed out that he tapped prominent oil executive Chris Wright to lead the Department of Energy.

Cramer recommended several stocks in the sector, including energy producers EQT and Coterra. The former is focused on natural gas and recently acquired peer Equitrans, raising the combined company’s valuation to an estimated $35 billion, Cramer noted. He added that Coterra is a good long-term holding and called the company “one of the shrewdest operators in the industry.”

He highlighted pipeline companies, including Energy Transfer and Kinder Morgan, and said he was especially bullish on Enbridge. Enbridge says it transports about 20% of all natural gas consumed in the U.S., and Cramer claimed the Canadian outfit has “strategically located assets.” He also named Cheniere and Sempra, saying the former is the “best play” for liquified natural gas exports.

“Seasonally, this is a good time for the commodity,” he said, pointing out that natural gas itself has climbed since the election. “But I also think there’s some optimism about the future of the industry driving this move.”

Jim Cramer’s Guide to Investing

Environment

Jeep launches Wagoneer S EV lease prices starting at just $599 per month

Published

14 hours ago

November 22, 2024

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Jeep launches Wagoneer S EV lease prices starting at just 9 per month

Jeep’s first global luxury electric SUV will arrive at US dealerships any day. Despite its $72,000 price tag, lease prices for the 2024 Jeep Wagoneer S EV start at just $599 per month.

2024 Jeep Wagoneer S EV lease prices

After unveiling its first global electric SUV, Jeep’s CEO said the Wagoneer S “marks a new chapter” in its storied history.

Jeep claims the Wagoneer S packs “exhilarating performance.” With 600 hp and 617 lb-ft of torque, the big-body SUV can sprint from 0 to 60 mph in just 3.4 seconds. Its 100 kWh battery pack also gives it a driving range of over 300 miles.

The electric SUV is unmistakably still a Jeep, but it did get several upgrades to distinguish it as an EV. The grille is now enclosed without the need to cool a massive engine, giving it a sporty, more modern look.

Jeep revamped its design with a new illuminated seven-slot grille with ambient cast lightning. It also fine-tuned its profile, adding flush door handles, a rear wing, and integrated fins for better airflow.

The first Jeep Wagoneer S Launch Edition models get exclusive dark accent design elements like 20″ Gloss Black Wheels.

Inside, the electric SUV is loaded with the latest tech and connectivity, including a best-in-class 45″ of usable screen space. The setup includes a 12.3″ center screen and an exclusive 10.25″ interactive front passenger screen.

Jeep already announced that the 2024 Wagoneer S EV will start at $71,995, but now the company has revealed lease prices for the first time.

According to Jeep, the 2024 Jeep Wagoneer S Launch Edition can be leased for $599 per month for 36 months (10,000 miles per year). The deal includes $4,999 due at signing and a $7,500 EV incentive. However, you may want to act fast, as Jeep’s offer is only good until December 2, 2024.

Jeep Wagoneer S vs Tesla Model Y	Starting Price	Range	Lease Price
Jeep Wagoneer S Launch Edition	$71,995	+300 miles	$599/mo
Tesla Model Y RWD	$44,990	320 miles	$299/mo
Tesla Model Y AWD	$47,990	308 miles	$399/mo
Tesla Model Y AWD Performance	$51,490	279 miles	$599/mo

In comparison, Tesla Model Y RWD lease prices start at $299 for 36 months with $2,999 down (10,000 miles). The Performance AWD model starts at $599 per month. In an end-of-year promo, Tesla also offers 3 months of free Supercharging and Full Self-Driving.

Ready to drive off in your new electric SUV? We can help you get started. You can use our links below to view offers on the Jeep Wagoneer S and Tesla Model Y at a dealer near you.

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