Mining giant Fortescue will spend billions in bid to eliminate fossil fuels by 2030

Fortescue Metals Group Ltd. will spend more than $6 billion on renewable energy and stop using fossil fuels by 2030, a pledge the Australian iron ore giant says will lower energy costs and mark an important step towards producing low-carbon steel.

Fortescue is committed to using a combination of wind and solar energy, battery storage and hydrogen produced by renewable energy to generate the electricity and fuel needed to mine iron ore, company officials said. Buyers in the steel supply chain could then turn the “green iron ore” into steel.

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