Fortescue, a major mining company, has announced that it is time to abandon the "illusory promise" of achieving net zero emissions.

• Andrew Forrest, the Australian mining tycoon and founder of Fortescue, believes that the world should abandon the "unrealistic fantasy" of achieving net zero emissions by 2050 and instead focus on "achievable zero" by 2040.
• By the end of the decade, Fortescue, the world's fourth-largest iron ore miner, plans to cease using fossil fuels in its Australian iron ore operations.
• To prevent global average temperatures from increasing, scientists have consistently urged for swift decreases in greenhouse gas emissions.

Andrew Forrest, the Australian mining tycoon and founder of Fortescue, believes that the world should abandon the "unrealistic fantasy" of achieving net zero emissions by 2050 and instead focus on "achievable zero" by 2040.

On Wednesday, Forrest urged leaders to replace those hesitant to make changes to avoid the worst effects of the climate crisis with those willing to take on the decarbonization challenge, as he spoke on CNBC's "Street Signs Europe."

By the end of the decade, Fortescue, the world's fourth-largest iron ore miner, plans to cease using fossil fuels in its Australian iron ore operations and encouraged other companies with high emissions to do the same.

In an exclusive interview, Forrest stated that all leaders who claim they can't do something, whether they say it to him, the world, or their kids, are wrong because they can actually do it.

The chief executives and political leaders who use the phrase "I can't" are essentially saying that you cannot accomplish the task. However, I am challenging them to step aside and allow a young girl or a wiser leader with more determination to take the stage and demonstrate that the technology is available.

"Forrest stated that the world can achieve real zero emissions by 2040 and urged business leaders and politicians to abandon the fantasy of net zero emissions by 2050 in favor of the more realistic goal. He emphasized the urgency of the situation and encouraged everyone to take action."

The objective of net zero is to attain a state of equilibrium between the carbon released into the atmosphere and the carbon absorbed from it.

Over 140 countries, including significant polluters like the U.S., India, and the European Union, have pledged to achieve net zero.

The Energy and Climate Intelligence Unit non-profit suggests that global carbon emissions should reach net zero by around the middle of the century to meet the critically important warming threshold of 1.5 degrees Celsius, as outlined in the landmark Paris Agreement.

For high-income nations, like the U.S., reaching net zero emissions by 2050 or earlier is necessary, while for low-income countries, achieving net zero emissions can be done by the 2050s or 2060s.

What is 'real zero'?

"The planet's ability to utilize current technology to halt burning fossil fuels by 2040 is currently zero, but it is rapidly improving," Forrest stated.

By 2030, we have a 50:50 chance of avoiding the worst effects of global warming, but that won't happen unless Fortescue takes action. As a large industrial company and significant polluter, we will achieve zero emissions this decade, not next, by easily stopping the use of all fossil fuels.

Forrest stated, "If we want to ensure a future planet that is livable for our children, we must achieve real zero by stopping the use of fossil fuels by 2040."

To halt the rise of global average temperatures, scientists have consistently advocated for swift decreases in greenhouse gas emissions.

The planet is on track to record its hottest year in history in 2024 due to a series of temperature records that have been set.

The burning of fossil fuels is the main cause of the climate crisis, which in turn leads to extreme temperatures.