First delivery of green hydrogen into the TES terminal is anticipated to take place in 2026,with the partners aiming to supply 300,000 tons in an initial phase.
As a result of the plans,Fortescue - the world’s No. 4 iron ore exporter - will now spend $US230 million on capital expenditure in the year to June 2023,up from a previous $US100 million estimate flagged in August,the company said.
“The United Kingdom and Europe urgently need green solutions to replace fossil fuels and this investment will enable Europe to do exactly that,” Fortescue founder and chairman Forrest said in the statement.
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Fortescue has pledged to eliminate fossil fuel use from its business and cut its emissions to zero by 2030,committing to spending $9.2 billion to fully decarbonise its mining operations and supply its customers with a carbon-free product within eight years.
Fortescue previously said it would target production of 15 million tons of hydrogen a year by 2030,which would require construction of about 200 gigawatts of renewable energy capacity,and has struck deals for potential projects in locations including the US,Australia and Canada.