Australian iron ore miner Fortescue Metals Group has announced that it has inked a non-binding memorandum of understanding (MoU) with China-based global shipping company COSCO SHIPPING to decarbonize shipping activities.
Accordingly, both companies will work on developing decarbonization technologies and creating a green fuel supply chain. Also, as part of the collaboration, they will explore the option of constructing and using green ammonia-based vessels belonging to COSCO or co-owned vessels to ship iron ore and other mineral products, with the aim of reducing carbon emission on the Australia-China iron ore green shipping corridor.
Dino Otranto, CEO of Fortescue, stated that the MoU will also pave the way for collaboration on a variety of decarbonization solutions which the company believes will be integral to delivering on its ambitious target of net zero Scope 3 emissions by 2040.
