Climate Change
Climate Change
Reduction in greenhouse gas (GHG) emissions by 2030
Reduction in greenhouse gas (GHG) emissions by 2050
We have set targets* and a goal for reducing operational greenhouse gas (GHG) emissions (Scope 1 and Scope 2 from our operated assets)
By 2022
Our target is to continue to grow our business while maintaining our operational emissions at or below the level they were in 2017**.
By 2030
Our target is to reduce our operational emissions by at least 30 per cent from the level they were in 2020**.
By 2050
Our target and goal is to achieve net zero operational emissions. This will aid in a sustainable and clean environment.
- All target dates refer to Financial Years, e.g. 2022 refers to FY2022. Our goal is for the 2050 calendar year.
- Reference baselines will be adjusted for any material acquisitions and divestments based on GHG emissions at the time of the transaction. Carbon offsets will be used as required.
Value chain (Scope 3) GHG emissions
We have set goals for 2030 in relation to steelmaking and maritime, and an enhanced Scope 3 position for 2050 that reflects the challenges and opportunities for our contribution.
We support the International Council on Mining and Metals Climate Change Statement
As stewards of the minerals and metals that are critical to decarbonisation and sustainable development, we embrace our responsibility to minimise the impact of our operations on the environment.”
We have made a collective commitment because we believe many of the sustainability challenges facing our industry and the planet require collective action to solve.
Last year, we announced our ambition to reach net zero by 2050. Our support for the statement confirms this ambition as a clear commitment.
Our climate change strategy
Climate change considerations are integrated with our strategic and operational decision making and our approach is supported by strong governance and continual strengthening of our processes and capabilities. Below is a detailed progress against the four pillars of our approach:
Produce materials essential for a low-carbon future
We supply the metals and minerals essential to human progress. Each of the commodities we produce has a role to play in the transition to a low-carbon economy. Our most recent scenario analysis indicates that our portfolio is expected to perform more strongly in scenarios with proactive climate action.
Reduce the carbon footprint of our operations
Our ambition is to reach net zero emissions by 2050. Our 2030 target is to reduce our absolute emissions by 50% compared to our previous years’ baseline and consistent with 1.5°C pathways as described by the Intergovernmental Panel on Climate Change.
Partner to reduce the carbon footprint across our value chains
Climate change will only be solved through collective action by governments, business and consumers around the globe. We are working on innovative partnerships to stimulate action with customers and other partners across the value chain. We defined a series of measurable and impactful Scope 3 emissions reduction goals to guide our partnership approach.
Enhance our resilience to physical climate risks
We consider climate risks over the life of our operations, from the development of new projects through to closure and beyond. We have already experienced extreme weather events at many of our sites and are using scenarios to assess further medium to long-term risks.
