Fortescue Metals Group CEO Elizabeth Gaines poses for a picture after sharing her outlook on China’s steel production prospects, in Shanghai, China January 15, 2020. REUTERS/Emily Chow DAVOS, Switzerland, Jan 20 (Reuters) – Renewable energy is likely to eventually overtake Fortescue Metals Group’s (FMG.AX) iron ore business, despite strong tailwinds for the commodity ahead, the company’s former chief executive officer Elizabeth Gaines said at Davos. Fortescue would continue growing its iron ore business, but the scale of the world’s green energy transition would boost demand for renewable energy far more, said Gaines, non-executive director and global green ambassador at Fortescue, on the sidelines of World Economic Forum’s annual meeting in Davos. There’s no lack of ambition for growth in our iron ore business. But when you look at the scale of the green energy transition, it’s not unreasonable to think that ultimately renewable energy will probably outscale our iron ore business significantly," she told the Reuters Global Markets Forum. "I think we will see renewable energy play a very big part of our overall earnings in the future." Last year, the Perth-based miner said it would spend $6.2 billion to eliminate the use of fossil fuels and achieve "real […]
Davos 2023-Fortescue sees renewables overtaking iron ore business
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