Australian iron ore giant Fortescue plans to more than double its decarbonization investment to between US$900 million and US$1.2 billion for the fiscal year 2025-26, up from US$405 million in 2024-25. This increase in funding will prioritize emissions reduction projects over new mine development.

The company will focus these investments on electrifying its mine vehicles and developing renewable energy projects. This includes a 190MW solar farm at its Cloudbreak mine, which is expected to cut diesel use by 125 million liters annually.

Fortescue aims to achieve "real zero" emissions by 2028-29, with a total investment of US$6.2 billion by that time. The company's Scope 1 emissions increased to 2.64 million tons of CO2 equivalent in 2024-25, but it expects a peak in emissions before a decline driven by fleet electrification from 2027-28.