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The Guardian - UK
The Guardian - UK
Environment
Fiona Harvey Environment correspondent

Companies using carbon credits to ‘cover their tracks’, says iron ore billionaire

Andrew Forrest iron ore Fortescue
Andrew Forrest pictured in London in 2021.
Andrew Forrest says he believes only 10%-15% of carbon credits represent real emissions reductions. Photograph: Ben Makori/Reuters

Carbon offsets are questionable, dangerous and far from a good investment for companies hoping to reduce their environmental impact, Australia’s richest man has said.

Andrew Forrest, a billionaire turned philanthropist who made his fortune in mining and minerals, is turning his vast iron ore extraction operation, Fortescue Metals Group, into a zero carbon business.

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