Dr Andrew Forrest endorses treaty to end fossil fuel extraction globally

15 Nov 2024 – Dr Andrew Forrest AO today joined a groundswell of countries, scientists and Nobel Prize laurates in pledging official support for a proposed treaty that sets deadlines for the global phase out of fossil fuels.

Dr Forrest is the first major business leader and industrialist to pledge his support for the treaty.

The Fossil Fuel Non-Proliferation Treaty, as it is known, has been endorsed by 14 countries, including Colombia and vulnerable island nations such as Vanuatu, as well as hundreds of elected officials, almost 120 cities and municipalities and 2,700 civil society organizations and institutions.

Inspired in part by the 1968 nuclear non-proliferation treaty, which aimed to prevent the spread of nuclear weapons, the Fossil Fuel Treaty calls on nations to explicitly stop the expansion of fossil fuels and manage a global just transition away from coal, oil and gas in a manner that is both fast and fair, so that no worker, community or country is left behind.

It has the backing of the World Health Organisation and the European Parliament, more than 3,000 scientists, 100 Nobel Laureates and 25 banks. A broader global network of over 850 elected officials from 85 countries have also supported the pillars of the proposed treaty.

“While the world committed to transition away from fossil fuels at COP-28 in Dubai last year, emissions continue to rise,” Dr Forrest, who is currently in Baku attending COP-29, said.

“Entire islands in the Pacific have already disappeared due to rising sea levels. Today, I stand in solidarity with the Pacific Island nations and pledge my support to them, both as a business leader and philanthropist. I also commend them for their leadership.

“Devastating hurricanes and flooding across the world are causing unprecedented economic damage and mortality, all due to our warming ocean. Columbia has just declared a state of disaster due to torrential flooding.

“The world is watching. The perpetrators of these events are more and more exposed to the wrath of society. The only solution that can bring our energy costs down and decarbonise the planet at the same time is to stop burning fossil fuels.”

“We need to stop talking about Net Zero and instead move to Real Zero – the complete elimination of all greenhouse gas emissions resulting from the extraction, use and burning of fossil fuels.

“The company I founded, Fortescue, is part of the global group of major companies and conglomerates that are responsible for all the industrial pollution in the world which is by far and away the largest pollution group of humanity. Fortescue is one of Australia’s biggest polluters – but will economically eliminate fossil fuels to be Real Zero by 2030. If we can do it, others can too.”

“Yes it takes leadership, yes it takes determination, yes it takes listening to your people and finding out from them the solutions, but as Fortescue is proving, we can quickly and profitably convert the burning of one billion litres of diesel equivalent per year by 2030, with nothing to show for it (except measured carbon dioxide emissions) to hard long term profitable green energy assets proudly owned by shareholders.”

Tzeporah Berman, Chair of the Fossil Fuel Non-Proliferation Treaty Initiative, said: “We are thrilled to welcome Dr Andrew Forrest and Minderoo Foundation into the growing movement around the world calling for a Fossil Fuel Treaty.

“Dr Forrest’s efforts to mobilize businesses and governments to support the treaty, particularly by lifting up the climate leadership of Pacific Island nations, signals the kind of leadership needed to secure a just energy transition.

“We hope his influential voice will inspire other business leaders and philanthropic foundations to take responsibility for the transition and support the growing bloc of nations beginning to design a pathway to wind down fossil fuel production in a way that is fast, fair and financed.”

Overnight at COP-29, Minderoo Foundation hosted an event bringing together Pacific leaders, NGOs, and government representatives, to discuss the opportunity presented by a potential Australia-Pacific hosted COP-31 in 2026 and bringing global focus towards a fossil fuel phaseout.