Biofuel adoption is aimed at reducing emissions in the transportation and industrial sectors.

The firm’s reputation for capital discipline seems to have “gone out the window” with the green-energy push, said one analyst.

Colorado-based Newmont holds onto the top spot.

Emissions from Queensland coal and gas production could reach 26.6 million metric tons of carbon dioxide equivalent a year by 2030, study shows.

“Australia can be more than a ‘dig and ship’ nation,” Tesla chair Robyn Denholm told a conference in Canberra.

Since reaching a year-high peak in July, Fortescue’s shares have fallen more than 15% in Sydney.

The deal is non-binding and still must be formalized and approved by shareholders.