Achieving the Paris Agreement goals will require supportive policy across jurisdictions globally. The policy-making process is complex and change is unlikely to be smooth or linear. We believe BHP can best support policy development by ensuring we meet our own climate commitments, continuing to make the case for the economic opportunities arising from the energy transition, and focusing on those policy areas where we are likely to have the greatest ability to influence change. We engage on policy matters directly with government and through our membership of industry associations and issue-specific coalitions and initiatives.
Our Global Climate Policy Standards clarify how our policy positions on climate change should be reflected in our own advocacy and that of associations to which we belong, globally. Over the past five years, BHP has introduced a range of measures to strengthen our governance of our member associations and their climate change advocacy. Further information on our approach to industry associations can be found here.
BHP was one of the first companies to align its climate-related disclosures with the recommendations of the Financial Stability Board’s Task Force on Climate-related Financial Disclosures (TCFD). In FY2021, we published our Climate Change Report 2020, and also participated in the CA 100+ NZCB, which assesses the world's largest corporate GHG emitters on their progress in the transition to the net zero future.
In September 2021, we published the BHP Climate Transition Action Plan 2021, which sets out the steps BHP intends to take with the goal of reducing GHG emissions to net zero within our own operations by 2050 and pursuing net zero in our value chain. As responding to climate change is an integral part of our strategy and operations, our TCFD-aligned disclosures and information in support of our NZCB assessment can be found throughout the BHP Annual Report , in the BHP Climate Change Report 2020. The ESG Navigator and Databook showing where to find relevant information in relation to the TCFD recommendations is also available.
There are communities around the world that rely on mining certain commodities, which therefore risk being disproportionately impacted by the transition to a low-carbon economy. Solutions will require a multi-stakeholder approach including the local community, investors and financiers, government at all levels and, of course, resource companies such as BHP.
In FY2022, we plan to develop our approach to ‘Just Transition’ taking into consideration the evolving CA 100+ Net-Zero Company Benchmark (NZCB).
For more information, see the BHP Climate Transition Action Plan 2021.