CM – Fortescue Future Industries wants shipping to go to zero

Fortescue Future Industries, the decarbonization division of Fortescue Metals Group Limited (ASX: FMG), believes shipping should be net zero by 2040.

The chairman of Fortescue Future Industries, Dr. Andrew Forrest said shipping should target net zero.

FFI’s Green Fleet Team wants to quickly convert the 75-meter MMA Leveque to almost entirely green ammonia over the next 12 months can be operated. It is doing this in partnership with MMA Offshore Ltd (ASX: MMA).

Fortescue Future Industries said that MMA Leveque runs on green fuel and is part of the wider fleet of trucks, locomotives and ships owned by the Fortescue Metal Group, all of them technically converted to work with green fuels.

At the beginning of this year, the FFI Green Fleet Team successfully burned mixed ammonia fuel in a locomotive (train), paving the way for a renewable locomotive operation with 100 % green ammonia.

Fortescue’s green division said this will bring the shipping industry much closer to carbon neutrality well before 2040, as only « ingrained industry practices » will slow global progress towards carbon neutral shipping.

Dr. Forrest said: « This ship will show the shipping industry the capabilities of a ship powered by green ammonia under real conditions.

 » We are investing heavily in research and development to get our trains, trucks and ships on the road, rail and sea so fast convert to zero-emission fuels as possible.

« It is a world-leading technology and will help provide the shipping industry with the practical know-how to fully decarbonize. »

Fortescue Future Industries has a growing number of Announced industry goals and partnerships spread across a number of regions.

If FFI can succeed with just a few of its goals, it could create a lot of value for shareholders and significantly decarbonise the world. At this point in time, there is no guarantee of success for what FFI is doing, but it is promising and a major factor in why I like Fortescue at this stock price.

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