The Australasian Centre for Corporate Responsibility (ACCR) is commenting on BHP’s support for its shareholder resolution on climate-related lobbying, and the publication of BHP’s Climate Transition Action Plan (CTAP).
Dan Gocher, Director of Climate & Environment at the Australasian Centre for Corporate Responsibility (ACCR) said:
“ACCR welcomes BHP’s support for the shareholder resolution on climate-related lobbying. BHP must bring an end to its longstanding support for destructive lobbying that has resulted in Australia becoming a global laggard on climate action.
“BHP remains a member and therefore a funder of APPEA, the Minerals Council of Australia, the NSW Minerals Council and the Queensland Resources Council - the biggest opponents of climate policy for more than 20 years.
“BHP’s industry associations must end their obsession with fossil fuel expansionism. As the IEA ‘Net zero by 2050’ report concluded, we cannot afford any new or expanded coal, gas or oil extraction if we are to have any chance of limiting global warming to 1.5°C.
“Origin Energy and South32 should follow the lead of BHP and Rio Tinto, and support the shareholder resolutions on climate-related lobbying at their upcoming AGMs.
On the Climate Transition Action Plan:
“Despite record underlying profits of US$17 billion, BHP has committed just US$65 million to decarbonising steel production. This is nothing short of pathetic. BHP can and must do more to reduce the emissions from steelmaking.
“The only significant new commitment in BHP’s Climate Transition Action Plan is its target for some of its Scope 3 emissions. BHP has set the target of net zero emissions by 2050 for the operational emissions of its suppliers and the shipping of its products, which appears to exclude the emissions from steelmaking - by far the largest share of its Scope 3 emissions.
“BHP has also failed to increase its operational emissions target to 2030 (30%), despite all of the scientific evidence suggesting we need to reduce emissions by 45-60% by 2030 in order to preserve a safe climate.
“BHP must use its unique position of leadership to push for more ambitious emissions reductions before 2030.”
ACCR’s investor briefing on the resolution to BHP is available here.