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BHP Australia, the world's largest mining company, has announced that it will invest $ 400 million over five years to reduce emissions from its own operations and those generated by the use of its resources.
BHP is the largest producer of coking coal, which is used with iron ore, also mined by BHP, to make steel in a process responsible for millions of tons of carbon dioxide (CO2).
In a speech in London, BHP CEO Andrew Mackenzie said the company's "climate investment program" will scale up technology to help decarbonize the company's own operations and drive investment to curb emissions.
"We must assume a stewardship role for emissions throughout our value chain and commit to working with shippers, processors and users of our products to reduce emissions from all three instances," he said, according to anticipated excerpts from his comments. .
Emissions are divided into categories
The scopes of category 1 and 2 cover the direct emissions of an organization and the indirect emissions generated by the energy it purchases to run its operations.
In category 3 emissions occur when the products of a company are used, for example in the manufacture of steel, when they are sent to customers.
BHP's investment is equivalent to approximately five percent of its most recent full-year underlying earnings, announced last August, of $ 8.93 billion.
BHP differentiates itself from others in the mining sector with its goal of net zero emissions for the second half of the century, in line with the United Nations carbon reduction targets.
He also said he wanted to go further and set a science-based medium-term target for scope one and two emissions.
Other measures will include strengthening an existing link between emissions reduction performance and executive compensation.