BHP has announced a range of new measures aimed at evolving the mining giant’s response to climate change.
Speaking in London, CEO Andrew Mackenzie said BHP will establish a US$400M Climate Investment Programme to develop technologies to reduce emissions from its operations, as well as those generated from the use of our resources.
Mackenzie explained that the firm will establish a new medium-term, science-based target for scope one and two emissions in line with the Paris Agreement.
The company has also committed to strengthening the link between executive remuneration and emissions performance from 2021.
In addition, it will develop a new climate portfolio analysis report in 2020 to evaluate the potential impacts of a broader range of scenarios and a transition to a “well below” 2 degC world.
“We require a considered and orderly transition to a lower carbon world, in which resource companies like BHP have both critical expertise and a key role to play,” said Mackenzie
“We must take a product stewardship role for emissions across our value chain. And commit to work with shippers, processors and users of our products to reduce scope three emissions,” he concluded.