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Ferrexpo To Achieve Net Zero Carbon Emissions From Operations By 2050

Ferrexpo plc (FXPO.L), on Monday, announced inaugural decarbonisation targets, in addition to engaging with climate change specialists Ricardo Plc. The company noted that it is committed to achieve net zero carbon emissions from its operations by the year 2050.

The company announced its 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), in line with the Group's peer group.

Further, the company has appointed environmental consultants Ricardo to work with the Group to develop science-based decarbonisation targets as a second-phase of publishing carbon commitments.

Ricardo would 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. The company expects the results of Ricardo's analysis to enhance the Group's carbon reduction targets and to further develop climate change reporting in 2022.

Jim North, Interim Group Chief Executive Officer, said, "In the 18 months to June 2021, the Group has already recorded a carbon reduction in excess of 20%, which is a demonstration of our commitment to the environment. Through working with Ricardo, it is our intention to engage with stakeholders in 2022 with a clear, science-based understanding of our carbon journey that lies ahead."

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