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BHP GROUP

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BHP Targets Net Zero for Suppliers, Shippers, But Not for Steelmaking Customers

09/14/2021 | 04:01am EDT

By Jaime Llinares Taboada

BHP Group PLC set targets to achieve net-zero emissions for its suppliers and shippers, but said that it can't do the same for heavily polluting downstream activities such as steelmaking.

The world's largest miner by market value on Tuesday published an updated climate-transition plan, which includes enhanced targets for value chain (Scope 3) emissions. In order to progress toward its ambition of achieving net-zero Scope 3 emissions by 2050, the company is now targeting net zero for its direct suppliers and for the maritime transport of its products by 2050.

However, BHP said it couldn't do the same for the pollution caused by the processing of the commodities it sells: "...recognizing the particular challenge of a net-zero pathway for customers' processing of our products, which is dependent on the development and downstream deployment of solutions and supportive policy, we cannot set a target".

BHP said it will continue to partner with customers to accelerate the transition to carbon-neutral steelmaking and other downstream processes, and that it will pursue carbon-neutral production of commodities such as copper, nickel and potash that are seen as essential for the energy transition.

In 2020, the Anglo-Australian miner committed at least $400 million to fund emission-cutting projects across its assets and value chain, and in 2021 committed to spending up to $65 million in partnership with its steel customers.

Scope 3 emissions are generated by suppliers, logistics, customers and non-operated investments. They represent 96% of BHP's total reported emissions, because it sells huge amounts of iron ore and metallurgical coal for its customers to produce steel.

Steelmaking accounted for 300.5 million metric tons of carbon-dioxide equivalent of BHP's 402.5 million tons total Scope 3 emissions in the year through June, according to the company. In comparison, procurement generated 10.4 million tons and maritime activities produced 7.4 million tons.

"In any net-zero future, steel will play an essential role... The challenge for steelmaking is to produce this vital commodity to enable sustainable growth, while reducing the emissions footprint of the production process itself," BHP said in its climate-transition report.

Write to Jaime Llinares Taboada at jaime.llinares@wsj.com; @JaimeLlinaresT

(END) Dow Jones Newswires

09-14-21 0601ET

Stocks mentioned in the article
ChangeLast1st jan.
BHP GROUP 2.80% 38.86 End-of-day quote.-8.41%
WTI 1.09% 82.468 Delayed Quote.69.35%
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Financials (USD)
Sales 2022 63 012 M - -
Net income 2022 19 009 M - -
Net Debt 2022 7 580 M - -
P/E ratio 2022 7,07x
Yield 2022 10,5%
Capitalization 143 B 143 B -
EV / Sales 2022 2,39x
EV / Sales 2023 2,73x
Nbr of Employees 40 110
Free-Float 58,2%
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Mean consensus OUTPERFORM
Number of Analysts 13
Last Close Price 28,84 $
Average target price 33,63 $
Spread / Average Target 16,6%
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Managers and Directors
Mike Henry CEO, Non-Independent Executive Director
David Mark Lamont Chief Financial Officer
John Kenneth Norman MacKenzie Chairman
Laura Tyler Chief Technical Officer
Malcolm William Broomhead Independent Non-Executive Director
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