Billionaire Forrest’s Fortescue to Stop Using Carbon Offsets

Fortescue Metals Group Ltd., the world’s No. 4 iron ore producer and a major greenhouse gas emitter, is ending its use of voluntary carbon offsets.

Billionaire Andrew Forrest’s company, which generated 2.55 million tons of scope 1 and 2 carbon dioxide pollution in the 12 months to June 30, confirmed it has begun implementing a policy to end the purchase of credits from the current financial year.

Andrew Forrest

Photographer: Jason Alden/Bloomberg

“We are the only heavy emitter in the world to stop purchasing voluntary offsets,” Dino Otranto, chief executive officer of Fortescue’s metals business, said in a statement. Offsets have been ...