As one of the world’s largest globally diversified natural resource companies, we recognise the role we can play in the global transition to a low carbon economy.
As the world moves towards a low-carbon economy, we are focused on supporting the energy needs of today whilst investing in our transition-commodities portfolio. The commodities we produce, source and market can help support global efforts to decarbonise.
Beyond supporting the energy transition overall through the supply of metals, we take a holistic approach to decarbonisation, focusing on reducing our combined industrial Scope 1, 2 and 3 emissions.
Our ambition and decarbonisation targets
2026 target
15%reduction in our Scope 1, 2 and 3 industrial CO2e emissions against a restated 2019 baseline by the end of 2026
2030 target
25%reduction in our Scope 1, 2 and 3 industrial CO2e emissions against a restated 2019 baseline by the end of 2030
2035 target
50%reduction in our Scope 1, 2 and 3 industrial CO2e emissions against a restated 2019 baseline by the end of 2035
2050 ambition
to achieve net zero industrial CO2e emissions, subject to a supportive policy environment by the end of 2050
Our position on climate and energy transition
We support the goals of the Paris Agreement (Article 2, Paris Agreement) to limit the increase in the global average temperature to well below 2°C above pre-industrial levels and pursue efforts to limit the temperature increase to 1.5°C above pre-industrial levels.
Our decarbonisation targets in context
We acknowledge there are various views on the pathway (and energy mix) required to achieve the goals of the Paris Agreement. The scenarios developed by the Intergovernmental Panel on Climate Change (IPCC) and International Energy Agency (IEA) are amongst several inputs into our climate strategy. We do not seek to align to any particular pathway or scenario but continue to monitor and compare our targets to a range of scenarios as they are updated each year.
Our approach to decarbonisation
In March 2024, we published our 2024-2026 Climate Action Transition Plan (the 2024-2026 CATP). The 2024-2026 CATP reflects a wide range of inputs, from our own market analysis, shareholder engagement, and the IEA’s latest modelling to analysing peer approaches.
Climate change governance
Our Board is responsible for oversight of overall performance and strategic direction, including with respect to climate change and considers climate-related issues when reviewing and guiding major acquisitions and disposals, overall risk management, capital expenditure and budgeting, setting the Group’s performance objectives and other strategic matters.
Climate change disclosure
Through regular, clear and accurate disclosure of our actions to reduce emissions, we can support the understanding of our performance and progress, as well as set out how policy and technology developments create opportunities and risks for our portfolio.
Supporting a Just Transition
The transition to a low carbon economy will affect our operations in different ways:
- in some areas there will be a ‘transition out’ as we close energy industrial assets that are uneconomic or reach the end of their economic life; and
- in other areas there will be a ‘transition in’ as we focus on our operations producing the commodities required for the transition, such as copper and nickel, and ramp-up activities as our metals and recycling businesses expand to meet the demands of a low-carbon society.
Carbon capture
We recognise the importance of abatement mechanisms such as carbon, capture and storage (CCS) to achieve the goals of the Paris Agreement.