Australian mining company Fortescue has unveiled plans to target 235GW of renewables capacity, during its annual general meeting.
The company has set itself a target of reaching net zero by 2040 and has highlighted increased investment in renewables, as well hydrogen and energy storage.
Fortescue said it is researching a shortlist of countries to “unlock renewable energy, and green industry potential”, and has visited 23 out of 47 countries so far.
Projects and initiatives to date include partnering with Alinta Energy to build 60MW of solar generation, a 35MW battery and 60km of transmission line linking Fortescue’s Chichester operations with Alinta Energy’s Newman gas-fired power station.
Fortescue will use solar power for up to 100% of its daytime energy needs at the Chichester Hub iron ore operation in the Pilbara region of Western Australia.
The project is due online in 2021.
The company is also investing in the $700m Pilbara Transmission project, comprising 275km of high voltage transmission lines, 150MW of gas-fired generation, 150MW of solar PV and large-scale battery storage.
Fortescue said its aim is to be a renewable energy and green industry developer, financier and operator.
“We are here to establish a new tech industry with zero carbon emissions … We are selecting partners to develop renewable energy and green industry owned and operated by Fortescue.”
The company is building up its intellectual property portfolio in areas that include hydropower and geothermal plant design, energy storage chemistry, ammonia cracking and production, synthetic fertiliser production, hydrogen electrolysis membranes and green metals production.