{"id":3183,"date":"2023-01-20T14:53:32","date_gmt":"2023-01-20T14:53:32","guid":{"rendered":"http:\/\/roydadnaft.ir\/English\/?p=3183"},"modified":"2023-09-13T12:27:53","modified_gmt":"2023-09-13T12:27:53","slug":"davos-2023-fortescue-sees-renewables-overtaking-iron-ore-business","status":"publish","type":"post","link":"https:\/\/roydadnaft.ir\/English\/3183\/","title":{"rendered":"Davos 2023-Fortescue sees renewables overtaking iron ore business"},"content":{"rendered":"<div class=\"entry-content\" itemprop=\"description\">\n<p>Renewable energy is likely to eventually overtake Fortescue Metals Group&#8217;s\u00a0(FMG.AX)iron ore business, despite strong tailwinds for the commodity ahead, the company&#8217;s former chief executive officer Elizabeth Gaines said at Davos.<\/p>\n\n\n\n<p>Fortescue would continue growing its iron ore business, but the scale of the world&#8217;s green energy transition would boost demand for renewable energy far more, said Gaines, non-executive director and global green ambassador at Fortescue, on the sidelines of World Economic Forum&#8217;s annual meeting in Davos.<\/p>\n\n\n\n<p>There&#8217;s no lack of ambition for growth in our iron ore business. But when you look at the scale of the green energy transition, it&#8217;s not unreasonable to think that ultimately renewable energy will probably outscale our iron ore business significantly,&#8221; she told the Reuters Global Markets Forum.<\/p>\n\n\n\n<p>&#8220;I think we will see renewable energy play a very big part of our overall earnings in the future.&#8221;<\/p>\n\n\n\n<p>Last year, the Perth-based miner said it would spend\u00a0$6.2 billion\u00a0to eliminate the use of fossil fuels and achieve &#8220;real zero terrestrial emissions&#8221; across its iron ore operations by the end of the decade.<\/p>\n\n\n\n<p>&#8220;There&#8217;s a view that businesses are doing this just for ESG reasons, but it&#8217;s also a smart thing to do, because the economics absolutely stack up,&#8221; Gaines said.<\/p>\n\n\n\n<p>The world&#8217;s fourth-largest iron ore producer has several projects lined up as it looks to rapidly develop technology to produce green hydrogen, transitioning from a pure-play iron ore producer to a\u00a0green energy firm.<\/p>\n\n\n\n<p>The miner&#8217;s Australian renewable energy projects were &#8220;very close&#8221; to a final investment decision, Gaines said, adding that one of the domestic projects would likely be the first to gain approval from the board.<\/p>\n<div class=\"post-date no-social-btn post-updated\">Updated on<time class=\"updated dt-updated\" itemprop=\"dateModified\" datetime=\"2023-09-13T12:27:53+00:00\"> 13 September 2023<\/time><\/div><\/div>","protected":false},"excerpt":{"rendered":"Renewable energy is likely to eventually overtake Fortescue Metals Group&#8217;s\u00a0(FMG.AX)iron ore business, despite strong tailwinds for the commodity ahead, the company&#8217;s former chief executive officer Elizabeth Gaines said at Davos. Fortescue would continue growing its iron ore business, but the scale of the world&#8217;s green energy transition would boost demand for renewable energy far more, [&hellip;]","protected":false},"author":1,"featured_media":3184,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[17,36,19,16,45],"tags":[],"services":[],"class_list":["post-3183","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","category-lastnews","category-news","category-oil","category-renewable-energy"],"_links":{"self":[{"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/posts\/3183","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/comments?post=3183"}],"version-history":[{"count":0,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/posts\/3183\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/media\/3184"}],"wp:attachment":[{"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/media?parent=3183"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/categories?post=3183"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/tags?post=3183"},{"taxonomy":"services","embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/services?post=3183"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}