Ricardo is working with one of the world’s largest exporters of iron ore pellets to help them decarbonise their operations.
Ferrexpo, which exports pellets to the global steel industry to be used as the raw material in manufacturing, has announced its commitment to achieve net-zero carbon emissions by 2050 and has joined forces with the energy and environmental consultancy to help work towards that goal.
Tim Curtis, Ricardo Energy & Environment Managing Director, said: “Ricardo’s experts have been helping organisations around the world to develop robust and science-based pathways to achieve 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 its 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.”
Ricardo will help enhance Ferrexpo’s existing climate change scenario reporting and review the role of the company’s iron ore pellets within the circular economy. Results of Ricardo’s analysis are expected to enhance Ferrexpo’s carbon reduction targets and to further develop climate change reporting in 2022.
Jim North, Ferrexpo 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, Ferrexpo had already recorded a carbon reduction in excess of 20% in a demonstration of its commitment to the environment. Through working with Ricardo, it is Ferrexpo’s intention to engage with stakeholders in 2022 with a clear, science-based understanding of the carbon journey that lies ahead.