POWER!!!! Fortescue Future Industries, page-4033

Could you please, KB, help me understand how transforming our fleet of haul trucks, trains and excavators to zero emission operation over the next decade will make the problem worse please?

Oh all right then, compared to the old diesel fleet, it will be better. But don't underestimate the impact of the emissions - albeit reduced - that the new fleet will cause. In terms of the accumulation of greenhouse gases, the emissions caused by the new fleet will continue to make the problem worse. An analogy might be to the amputation of the leg. Yes, 1cm above the knee is definitely better than 2cm above the knee. But it's still amputation.

(Wine-fueled Monty Python reference: The only thing worse than transforming the fleet, is NOT transforming the fleet. It was one of Wilde's.)

Another thing to consider is the category of Scope 3 emissions described as "use of sold products". Iron ore is processed with the burning of coal. The more successful FMG is at its core business, the more it contributes to the emissions of its customers. A more efficient zero emission fleet enables FMG to be more efficient at feeding the monstrous emissions machine of Chinese industry. I am influenced by the Cambridge university-led study which said things like green steel will not be meaningful until after 2050. So for the next 26 years iron ore is part of the problem, not the solution. Talk to me again when I turn 88.

It might seem ridiculous that I, an FMG holder, would make such arguments. But it's not just FMG. Everyone is trying to evade reality, or carve out an exception for themselves. It's across the board. I'm not arguing against FMG, I'm arguing in favour of reality.