Transition to a net zero economy

crane

Important notice

A fuller set of our disclosures about our climate-related scenario analysis and resilience assessment can be found in the BHP Annual Report 2026, Sustainability Report. The content below should be read together with those disclosures.  

There are limitations to scenario analysis, including any climate-related scenario analysis, and it is difficult to predict which, if any, of the scenarios might eventuate. Scenario analysis is not a forecast and is not an indication of probable outcomes and relies on assumptions that may or may not prove to be correct or eventuate, and scenarios may be impacted by additional factors to the assumptions disclosed. 

Our portfolio resilience

Our planning range  

Our strategy formation and our capital allocation and planning processes are designed to enable deliberate and timely responses to the climate-related risks and opportunities for our portfolio. We use our planning range (our long-term forecast of demand, supply and price across our commodities) for operational planning, strategy formation and investment decisions.  

Given the complexity and inherent uncertainty of long run forecasting, we periodically review key assumptions underpinning our planning range to reflect new information, with a process in place to assess the need to update internal long-term price outlooks for developments in the periods between review cycles.   

More information about our planning range and its use in our assessment and management of climate-related risks and opportunities is provided in the BHP Annual Report 2026, Sustainability Report. 

Our scenario analysis 

Scenarios highlight different hypothetical pathways for the future and are not necessarily what we or others expect to happen. We use scenarios to explore different themes or end states to  test business decisions and portfolio resilience.  

Our approach to climate-related scenario analysis also considered what would provide useful information to users. We have used an externally derived lower-warming scenario aligned to a 1.5°C temperature outcome and a higher-warming scenario aligned to a 2.7°C outcome. The outcomes of these analyses were used to inform the assessment of BHP’s resilience to climate-related changes, developments and uncertainties, with consideration of identified climate-related physical and transition risks and opportunities.  

Our climate-related scenario analysis disclosures are provided in the BHP Annual Report 2026, Sustainability Report. 

Climate resilience assessment 

Our current and planned investments in copper assets, operational decarbonisation, value chain decarbonisation, and climate-related adaptation support our resilience by helping us to manage our identified climate-related risks and leverage our climate-related opportunity. 

Our climate-related resilience assessment disclosures are provided in the BHP Annual Report 2026, Sustainability Report.

Carbon pricing

We embed carbon prices within operational asset planning, asset valuations and operational decision-making, including through the Capital Allocation Framework and in the prioritisation of operational GHG emission reduction projects.

Our carbon pricing disclosures are provided in our BHP Annual Report 2026, Financial Statements – note 16 ‘Climate change’.

Performance and disclosures 

Information is valid at August 2026. 

Our most recent climate-related disclosures (including performance data) can be found in the: