Business
Announcement of Decarbonisation Targets
Announcement of Decarbonisation Targets.
About this update from Ferrexpo Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 5785O\n Ferrexpo PLC\n 11 October 2021\n \n \n \n \n \n \n \n 11 October 2021 \n \n \n \n Ferrexpo plc\n \n \n (\"Ferrexpo\" or the \"Company\" or the \"Group\")\n \n \n \n \n \n \n Announcement of Decarbonisation Targets\n \n \n \n \n Ferrexpo (LSE: FXPO), the world's 3rd largest exporter of iron ore pellets to the global steel industry, announces inaugural decarbonisation targets, in addition to engaging with climate change specialists Ricardo Plc (\"Ricardo\").\n \n \n \n \n · \n The Group undertakes a commitment to achieve net zero carbon emissions from its operations by the year 2050.\n \n \n · \n In addition, the Group undertakes an initial commitment to achieve a minimum of a 30% reduction in combined Scope 1 and 2 emissions by 2030, against the Group's baseline year for emissions (2019)\n \n [1]\n \n \n , in line with the Group's peer group.\n \n \n · \n Appointment of environmental consultants Ricardo to work with the Group to develop science-based decarbonisation targets as a second-phase of publishing carbon commitments.\n \n \n · \n Ricardo to also help enhance the Group's existing climate change scenario reporting and review the role of Ferrexpo's iron ore pellets within the circular economy. Results of Ricardo's analysis expected to enhance the Group's carbon reduction targets and to further develop climate change reporting in 2022.\n \n \n Jim North, Interim Group Chief Executive Officer, said:\n \n \n \"Whilst iron ore pellets offer our customers the opportunity to significantly reduce carbon emissions already, it is important to signal a clear intention to decarbonise our own operations. It is on this basis that we have adopted the targets announced today, to demonstrate both our focus on climate change and our understanding of the importance of decarbonisation.\n \n \n \n \n \n Of further significance however, is our engagement with Ricardo, which we intend to be a workstream that develops science-based reduction targets and a timeline for the stages of decarbonisation in each aspect of the Ferrexpo business. Through this collaboration with Ricardo, we expect to advance our targets and develop a clear roadmap of reducing Scope 1, 2 and 3 emissions, whilst also identifying market and regulatory risks and opportunities, modelling...