London investors back BHP s climate change plan

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London investors back BHP s climate change plan

- BHP Group s London investors voted to support the biggest mining company's climate change plan, despite some opponents of the strategy saying it doesn t go far enough.

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None What the Front Line of the United States BHP s has said it will target net-zero greenhouse gas emissions from its direct suppliers and the shipment of its products by 2050. The miner stopped short of extending that to steelmaking customers due to what it describes as technical challenges facing the industry.

That refusal to set hard targets for its customers pollution, which account for 96% of its overall emissions, drew criticism from some investors, including prominent advisory firm Glass, Lewis Co. which invited shareholders to vote down the plan. Most failed to follow that advice, with 83% of BHP s London investors supporting the plan at the company s annual meeting on Thursday.

There s a need for urgent action, many different views about what that action should look like and you see that coming forward in the way that some parties are reacting to the plan, BHP Chief Executive Mike Henry said following the meeting in London.

The investors base of the company will vote next month before releasing full results.

The world's top miners are seeking to convince investors that they can curb their environmental impact amid growing pressure from shareholders and advocacy groups. Scope 3 emissions - created when customers such as Chinese steel mills exploit the raw materials they mine - are among the hardest to reduce. Miners such as BHP say they can t give hard targets before the technology has been proven to curb that pollution will be available to businesses.

As our understanding of the underlying opportunities continues to evolve, as technologies continue to evolve, we will refresh the direction we are traveling and the goals and targets we have set, Henry said.

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