Heavy-duty trucks in Australia are responsible for ~20 million tonnes of CO2e emissions each year, representing over one-fifth of all the country’s transport-related emissions in 2022.57 This estimate does not include emissions from off-road mining vehicles, which represent a substantial additional source. For example, a 240-tonne haul truck commonly used in iron ore operations consumes approximately 200 litres of diesel per hour, underscoring the significant carbon intensity of mining logistics. BHP , an Australian mining and metals multinational, has reported that about 40% of its operational GHG emissions comes from using diesel fuels, in both haul trucks and mining equipment. Decarbonizing heavy-duty haulage fleets is therefore a growing priority for mining companies. A portfolio approach is emerging to maximize emission reductions as the technology and infrastructure ramp up. Battery-electric vehicles (BEVs) already work well and are therefore a near-term choice more favoured by the industry to fully decarbonize iron ore haulage. The great majority of zero-emission trucks operating on Australia’s roads – numbering ~200-250 vehicles in early 2024 – are battery-electric. Sales of low- and zero-emission trucks in Australia in 2023 were ~1% of all new truck sales, again mostly BEVs – an increase of nearly 400% on 2022 figures.58 The main constraint with BEVs is grid capacity at truck depots – according to one participant, connections are unpredictable, costly and slow. Industry also faces competition for electricity from other uses: for example, Australia’s bus industry alone needs 100 TWh of generation per year to decarbonize – equivalent to the country’s entire renewable energy generation in 2024.59 Fortescue – one of Australia’s top-three iron ore mining companies and a founding member of the First Movers Coalition – reported direct emissions totalling 2.72 Mt CO2e in 2024. Most of this came from the diesel burned by its haul trucks, trains and ships – plus the gas burned to generate power at its mining sites. Fortescue’s aim is to completely decarbonize its operations by 2030 – including BEVs charged by renewables, green ammonia for shipping and clean hydrogen for power generation (see Box 6).3.2 Trucking – batteries, biofuels and hydrogen all in the mix Battery-electric trucking – Fortescue leads the way BOX 6 During New York Climate Week in late September 2025, Andrew Forrest, Executive Chairman and Founder of FMC member Fortescue, signed agreements with some of the world’s leading manufacturers of BEVs, solar and wind technology, and heavy mining equipment, to enable it to fully electrify its Pilbara operations by 2030. Among other deals, the company committed to buy 300-400 battery-electric 240-tonne haul trucks from Chinese manufacturer XCMG, with deliveries phased from 2028-2030. This order builds on the previous world record order that Forrest signed for 360 similar-sized haul trucks placed with German-Swiss company Liebherr in September 2024, which are powered by a zero-emission battery developed by Fortescue Zero, the company’s technology arm. Together with investments in renewable power, these orders will transform the company’s entire truck fleet in Pilbara to zero-emissions, in line with Forrest’s declared corporate goal to reach “real zero” – rather than just net zero – by 2030. Forrest hailed this series of global agreements as “practical alliances that prove heavy industry can follow a new path – one where profits rise as emissions fall”. Sources: see endnote.60,61 Unlocking Asia-Pacific as a First Mover: Australia’s Green Iron Opportunity 22

Unlocking Asia-Pacific as a First Mover 2025