Ferrexpo PLC Announcement of Decarbonisation Targets (5785O)
11 October 2021 - 5:00PM
UK Regulatory
TIDMFXPO
RNS Number : 5785O
Ferrexpo PLC
11 October 2021
11 October 2021
Ferrexpo plc
("Ferrexpo" or the "Company" or the "Group")
Announcement of Decarbonisation Targets
Ferrexpo (LSE: FXPO), the world's 3(rd) 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").
-- The Group undertakes a commitment to achieve net zero carbon
emissions from its operations by the year 2050.
-- 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() ([1]) (,) in line with the Group's peer group.
-- Appointment of environmental consultants Ricardo to work with
the Group to develop science-based decarbonisation targets as a
second-phase of publishing carbon commitments.
-- 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.
Jim North, Interim Group Chief Executive Officer, said:
"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.
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 of climate change scenarios and looking at the
environmental footprint of a Ferrexpo pellet beyond the steelmaking
process.
In the 18 months to June 2021, the Group has already recorded a
carbon reduction in excess of 20%([2]) , 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.
Tim Curtis - Energy & Environment Managing Director, Ricardo
Plc, said:
"Ricardo's experts have been helping organisations around the
world to develop robust and science-based pathways to achieving net
zero carbon emissions. We're proud to be supporting Ferrexpo with
the development of its decarbonisation targets and providing
objective expertise to help realise this ambition. In setting
targets to decarbonise the manufacturing of their iron ore pellets,
Ferrexpo is driving change in the industry which will contribute to
a low carbon transition and benefit organisations using Ferrexpo
products in their supply chain."
For further information, please contact:
Ferrexpo:
Rob Simmons r.simmons@ferrexpo.ch +44 207 389 8305
Tavistock:
Jos Simson +44 207 920 3150
Gareth Tredway ferrexpo@tavistock.co.uk +44 7785 974 264
About Ferrexpo:
Ferrexpo is a Swiss headquartered iron ore company with assets
in Ukraine. It has been mining, processing and selling high quality
iron ore pellets to the global steel industry for over 40 years. In
2020, the Group produced 11.2 million tonnes of iron ore pellets, a
7% increase on the prior year. The Company is ranked as the world's
3(rd) largest exporter of pellets to the global steel industry with
a market share of approximately 9%. For further information, please
visit www.ferrexpo.com .
About Ricardo:
Ricardo plc is a world-class environmental, engineering and
strategic consulting company listed on the London Stock Exchange.
With over 100 years of engineering excellence, we provide
exceptional levels of expertise in delivering leading edge and
innovative cross sector sustainable products and solutions, helping
our global customers increase efficiencies, achieve growth and
create a cleaner and safer future. Our mission is clear -- to
create a world fit for the future. For more information visit
www.ricardo.com .
[1] On a per tonne basis; baseline figure for 2019 of 134kg/t as
published in the Group's latest Annual Report and Accounts
(2020).
[2] On a per tonne basis, Scope 1 and 2 emissions combined.
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