Climate Change

Climate Change

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Reduction in greenhouse gas (GHG) emissions by 2030
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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.

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:

Item 1

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.

Item 2

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.

Item 3

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.

Item 4

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.

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