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Fortescue builds a zero-emission mining fleet: Australian iron ore giant Fortescue has inked a USD 2.8 bn partnership agreement with German-Swiss equipment manufacturer Liebherr to supply equipment for its zero-emission mining fleet, according to a press release.
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What we know: The agreement builds upon an initial 2022 MoU to develop green technology-based trucks. Liebherr will now supply 475 vehicles — up from the initial 120 — including 360 autonomous battery-electric trucks, 55 electric excavators, and 60 battery-powered dozers. The two companies will also deploy a complete autonomous battery-electric haulage solution for large scale mining operations as part of the agreement. Fortescue aims to significantly reduce its carbon footprint, as 51% of its scope 1 emissions come from its mining fleet.
Amazon and five other companies have agreed to purchase USD 180 mn worth of carbon offset credits to support Amazon rainforest conservation efforts, Reuters reports. The purchase, part of the LEAF Coalition’s forest conservation initiative, will allocate proceeds from the sale to Indigenous communities, former slave descendants, and small farmers, with the state retaining only enough funds to continue emissions reduction efforts.
Who else is involved? Amazon, German pharmaceutical company Bayer, US consultancy firm BCG, French IT consultancy Capgemini, Swedish fast fashion giant H&M, and US retail corporation Walmart will collectively purchase 5 mn carbon credits, each representing a metric ton of carbon emissions prevented by reduced deforestation between 2023 and 2026. Another 7 mn credits will be available for future buyers, with the US, U.K., and Norway guaranteeing a portion if companies do not step in.
ON A RELATED NOTE- Tech giants back carbon credits scheme: Major tech companies, including Meta and Netflix, have expressed interest in supporting a carbon credits initiative led by former US climate envoy John Kerry, Financial Times reports. The Energy Transition Accelerator (ETA) aims to reduce emissions by financing renewable energy projects through the sale of carbon credits to high-emission businesses. This comes as companies face rising emissions, driven by data centers and AI growth.
More details: Under the carbon credits scheme, regional governments or state bodies earn credits by cutting emissions from their power sectors, primarily through reducing fossil fuel infrastructure like coal plants and increasing renewable energy, FT writes. Polluting companies can purchase these credits, helping finance the transition to clean energy.
It’s not a get out of jail free card: Businesses must still prioritize direct emissions cuts, despite the appeal of offsetting. Kerry warned against relying solely on carbon credits, telling FT, “You just don’t have the free ability to go out and take all your emissions, and say, well, you know, we’re just going to pay for the offset.”
Spain updates its energy plan: Spain approved its updated National Integrated Energy and Climate Plan for 2023-2030, aiming to reduce energy dependence from 73% in 2019 to 50% by 2030, according to a statement. The country is now targeting a 32% reduction in greenhouse gas emissions and wants to increase its renewable energy share to 81% by 2030. Spain plans to install 76 GW of solar PV, 62 GW of wind, 22.5 GW of energy storage, and 12 GW of renewable hydrogen production capacity in that time period period.
