Fortescue’s Forrest urges maritime support for IMO zero emissions goals

Andrew Forrest, Executive Chairman of Australian mining company Fortescue, is urging the global maritime industry to support International Maritime Organization’s goals for zero emission shipping by 2050. The IMO goals will be voted on in October.

Forrest spoke to Nor-Shipping conference attendees in Lillestrom, Norway on June 3rd.

Dr Andrew Forrest is a global business and philanthropic leader dedicated to ending the use of fossil fuels, creating green energy solutions and tackling global challenges like climate change, conflict response, modern slavery and oceanic destruction through overfishing and plastic pollution, according to the Fortescue website.
In 2003, Forrest founded the iron ore miner Fortescue in Western Australia. Fortescue is one of the world's largest iron ore producers and a global green technology, energy and mining group. Fortescue is on track to be ‘Real Zero’ by 2030 – which will see the Company eliminate the use of fossil fuels from its Australian operations, the company says.

As founder of Australia’s largest philanthropy Minderoo Foundation, Forrest has pledged to give away his wealth over his lifetime. With an endowment exceeding AU$9 billion, Minderoo tackles global challenges, such as climate change, urgent humanitarian responses, modern slavery, Indigenous empowerment, and early childhood development.

At Nor-Shipping, Forrest said “Around the world. We are watching the heat waves happen in the ocean. That's the scales we've never seen. We're watching fish not to be able to breed and to feed. We are facing a very serious consequence for inaction. But I'm here to speak to you about action. Forrest said, “Our oceans are plagued by the triple threat of climate change, overfishing and their use as a global garbage bin.”

The IMO Net-zero Framework proposes mandatory emissions limits and GHG pricing across an entire industry sector.  It proposes a legally binding framework to reduce greenhouse gas (GHG) emissions from ships globally, aiming for net-zero emissions by or around, i.e. close to 2050, according to the IMO website.

Approved by the Marine Environment Protection Committee during its 83rd session from 7–11 April 2025, the measures include a new fuel standard for ships and a global pricing mechanism for emissions.

These measures, set to be formally adopted in October 2025 before entry into force in 2027, will become mandatory for large ocean-going ships over 5,000 gross tonnage which emit 85% of the total CO2 emissions from international shipping, according to IMO.

Forrest told Nor-Shipping attendees that the global maritime industry can do its part to support the IMO and its zero emission goals by 2050: “The October IMO meeting is vital to begin the implementation of zero emission vessels by 2050. Fortescue is working with ports around the world to adapt green fuels and green ammonia fuels.”

He added: “I do believe the IMOs on the right track and I say to everyone here, not particularly if you're not from Norway, do not tolerate your countries voting against or abstaining from the IMO vote in October. Vote for it.”

Threat to Global Fishing

Regarding fishing, Forrest argues that: “The fishing industry's in this race to the bottom to have no fish. So that's a real issue.”

He says that the rapid increase in ocean heating “eliminates oxygen, as the ocean heats up it evaporates.”

In addition, fishing “technology is making our seas barren. Fishing fleets are in a race to fish extinction and if they succeed fisheries will collapse.”

The solution is to establish marine protected areas (MPAs) for 30 % of the oceans. He says that “Thirty percent of a “no take” ecologically responsible MPAs radiate value across entire ocean oceans.” In five years, he argues, the result will be a 50% increase in fish biomass and in ten years the result could be a 400% increase in fish biomass citing several scientific studies.

According to National Geographic, “A marine protected area (MPA) is a section of the ocean where a government has placed limits on human activity. Many MPAs allow people to use the area in ways that do not damage the environment.”

Forest says that what is needed is a worldwide endorsement of MPAs for fishing where enforcement can be achieved with satellites and drones, AI and older fishing vessels as patrol boats.

Forest is also an advocate for green ammonia as the key to zero emission marine propulsion. Fortescue has been developing dual fuel engines since 2022. Green ammonia has the potential to scale up for the zero-emission fuel.