Yahoo Finance BHP Uncertain Net Zero Emissions Target Will Be Reached By 2050
(Bloomberg) -- The world’s biggest mining company, BHP Group Ltd., said it may not reach its goal of cutting greenhouse emissions created by its customers and suppliers to net zero by 2050.
Most Read from Bloomberg
YouTuber Dr Disrespect Was Allegedly Kicked Off Twitch for Messaging Minor
VW Latches Onto Rivian in $5 Billion EV Pact to Regain Momentum
Nvidia Rout Takes Breather as Traders Scour Charts for Support
Julian Assange Leaves Court ‘Free Man,’ Ending 14-Year Drama
“Achievement of this goal is uncertain, particularly given the challenges of a net zero pathway for our customers in steelmaking, and we cannot ensure the outcome alone,” BHP said, referring to its so-called Scope 3 emissions target in an investor presentation Wednesday.
The major iron ore, coal and copper producer said it was still aiming for net zero by 2050 and had “made strong progress on our strategy in the areas of steelmaking and maritime decarbonization via partnerships, trials and pilots.”
The global mining industry is facing growing pressure from investors and environmentalists to reduce its carbon footprint. For miners like BHP that produce vast quantities of iron ore for steelmaking, a particularly carbon-intensive material that forms the backbone of the world’s housing and infrastructure, Scope 3 dwarfs the emissions that the companies are directly responsible for.
BHP said it’s on track to reach its a goal to slash its Scope 1 and 2 operational emissions by a third by 2030. It achieved this — albeit briefly — during fiscal 2023, but indicated it may see some volatility in its greenhouse gas emissions due to “planned activity and growth at our operations.”
The company’s head of carbon management, Graham Winkelman, said in a call with investors on Wednesday it will see a small increase in emissions in the year to June 30.
“The pathway to net zero will be non-linear as we organically grow our business,” BHP said in the presentation. Cutting emissions would require “significant effort” and collaboration across the mining supply chain, from shipping through to smelting of iron ore.
Most Read from Bloomberg Businessweek
How Jeff Yass Became One of the Most Influential Billionaires in the 2024 Election
Why BYD’s Wang Chuanfu Could Be China’s Version of Henry Ford
Independence Without Accountability: The Fed’s Great Inflation Fail
©2024 Bloomberg L.P.
