He first charged the mine operations with the goal of emitting net zero carbon emissions by 2030, two decades ahead of the two bigger Pilbara miners, Rio Tinto and BHP.

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Later, Forrest demanded zero actual emissions, removing the option to buy carbon offsets for any emissions that were technically difficult or prohibitively expensive to eliminate.

“We’ve got this unfolding miracle of Fortescue going fully green this decade,” he said.

Initially, Fortescue touted green hydrogen as vital to decarbonise its own operations but more recently its efforts have almost exclusively focused on electrifying its operations, which are heavily dependent on diesel, and ensuring that the electricity used is renewable.

Forrest’s goals covered both Fortescue’s own emissions – termed Scopes 1 and 2 – and the far greater carbon pollution from the steel mills buying Fortescue iron ore, known as Scope 3 emissions.

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In late 2021, Fortescue targeted zero Scope 3 emissions by 2040 and the production of 15 million tonnes a year of green hydrogen by 2030.

“That is what the world needed, and that’s where we always start,” he said, adding that the targets were set before the “massive spikes” in energy prices in part caused by the market upheaval after Russia invaded Ukraine.

In early 2023, Fortescue committed to making final investment decisions on at least five green hydrogen projects by December 2023. It achieved two: a plant to make 30 tonnes of liquid hydrogen a day in Arizona and a $US150 million ($223 million) investment in a facility in Gladstone, Queensland.

There are no more commitments to investments, but Fortescue will keep investigating the feasibility of a project in Norway that is three times bigger than the Gladstone plant, and may also launch a study into an opportunity in Brazil.

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As part of the restructure accompanying the job cuts, Fortescue will retain dual chief executives – Dino Otranto for mining and Mark Hutchinson in energy – but will merge other senior corporate roles.

Two executives who have been with Fortescue for 18 months or less have emerged as major winners. Chief financial officer for mining Apple Paget will take on that role for the entire company, and Shelley Robertson will move from chief corporate officer to chief operating officer.

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