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Iron Ore Giant Plans Carbon Targets for Customers in Green Pivot

  • Fortescue to detail strategy for scope 3 emissions by end-Sept
  • Group to follow BHP, Rio in setting targets for steel-makers
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WATCH: Elizabeth Gaines, CEO of Fortescue Metals Group, discusses the company’s latest results and the outlook for the iron ore market and demand.  (Source: Bloomberg)

Fortescue Metals Group Ltd. is planning to unveil targets for reducing the carbon footprint of its biggest customers, marking a shift in approach for the world’s no. 4 exporter of iron ore.

The firm will follow rivals including Rio Tinto Group and BHP Group in setting specific goals to cut so-called scope 3 emissions, which in Fortescue’s case are generated by steel-makers using the company’s iron ore. Founder and chairman Andrew Forrest was previously not in favor of setting such benchmarks.