This fiscal year and onwards, Fortescue (ASX:FMG) will cease purchasing carbon offsets.

All funds previously allocated towards this initiative will subsequently be redirected to Fortescue’s decarbonization plan with the aim of achieving ‘Real Zero’ by 2030.

The company’s short-term objective is for emissions to peak by 2025/26, due to the introduction of a new mine.

By 2024 and 2025, Fortescue expects to complete its first 100MW solar farm, among other projects.

Already, the first battery electric haul truck is operational on site as the company prepares to replace its current fleet with vehicles yielding zero emissions.

Several key milestones have already been achieved towards eliminating terrestrial scope 1 and 2 emissions from its Australian iron ore operations by 2030.

Moving forward, Fortescue will focus on eliminating the millions of litres of diesel it uses annually rather than offsetting them.

The final investment decision on an additional three solar farms is anticipated to be reached during 2024 and 2025.

Furthermore, during this same period, Fortescue plans to make final investment decisions on electrical distribution and charging infrastructure for the first two environmentally-friendly mine sites and port operations.

Fortescue is a global leader in the iron ore industry.