Our position on climate change continues to be shaped, broadened, and strengthened by our strategic interests and the dynamic global response.
- Warming of the climate is unequivocal, the human influence is clear and physical climate-related impacts are unavoidable.
- The world must continue to increase both the levels of ambition and pace of greenhouse gas (GHG) emissions reductions to meet the aims of the Paris Agreement.
- Demand for renewable and low to zero GHG emissions energy and lower GHG emissions technologies is likely to grow at unprecedented rates as the world seeks to meet the aims of the Paris Agreement while supporting responsible global economic development, including progress on the United Nations Sustainable Development Goals.
- Commodities and materials we produce underpin this transition and are critical to achieving global climate ambitions.
- A circular economy plays an important role in reducing GHG emissions associated with the extraction and use of mining products.
- An acceleration of global effort to drive energy efficiency is a critical element in avoiding, reducing and removing GHG emissions.
- Policies to encourage rapid action should be implemented in an equitable manner to address competitiveness concerns, achieve lowest cost abatement, and support equitable change and transition.
We will continue to:
- Support the aims of the Paris Agreement to hold global average temperature increase to well below 2°C above pre-industrial levels, and pursue efforts to limit the temperature increase to 1.5°C.
- Integrate evaluation of climate-related risks and opportunities into our business strategies and planning processes.
- Take action to reduce our operational GHG emissions (Scopes 1 and 2) in line with our medium-term target and our long-term goal of net zero through investment, development, and deployment of technologies and other solutions.
- Support our customers, our suppliers, and others, as we pursue our long-term goal of net zero GHG emissions in our value chain (Scope 3), through investment, development, and deployment of technologies and other solutions. 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.
- Adapt to potential physical climate-related impacts by progressively enhancing the resilience of our operated assets, investments, portfolio, and supply chains, and contributing to the resilience of communities and ecosystems.
- Advocate to enhance the policy response to climate change through balanced, fact-based, and focused contributions in areas where we can have influence.
- Recognise the importance of nature-positive1 outcomes in our approach to climate change, including water and biodiversity stewardship, as well as building social value.
- Work with communities where we operate, which may be affected by changes in our business, to pursue equitable change and transition and achieve long-term mutual value.
1 A high-level goal and concept describing a future state of nature (e.g., biodiversity, ecosystem services and natural capital) which is greater than the current site.