• 6 hours Investors Apprehension Makes $3,000 Gold Seem Feasible
  • 1 day Beijing Just Turned Up The Heat In The Tech War
  • 2 days How Big A Threat Is Climate Change To The Global Economy?
  • 3 days $120,000 Banana Gets Eaten At Art Basel
  • 4 days The Fastest Growing Energy Sectors Of 2019
  • 5 days How To Spy On Yourself: The Doorbell To End Civil Liberties
  • 6 days Analyst Predicts Tesla Stock Will Soar To $500
  • 7 days Australian Billionaire To Invest In $88 Million Struggling Solar Project
  • 8 days Twitter-Shaming: The Biggest Threat To Any Business
  • 8 days Canada Looks To Become A Major Source For Critical Minerals
  • 8 days Hedge Funds Are Piling Into This Key Commodity
  • 10 days Trade Deal Not Likely Before Christmas 2020
  • 10 days America's $16 Trillion Debt Bubble Is About To Burst
  • 11 days Black Friday Breaks Online Shopping Records
  • 11 days Tesla's Biggest Competitor Is Hiding In Plain Sight
  • 12 days Are Celebrities Good Or Bad For Cannabis Stocks?
  • 13 days Venezuela’s Crisis Continues As Maduro Spends $5 Billion On Oil Deals
  • 14 days Elon Musk Claims 250,000 Orders For Cybertruck
  • 15 days How To Survive Thanksgiving Politics With Cannabis Gravy
  • 16 days The Fragility Of Monetary Policy
How To Spy On Yourself: The Doorbell To End Civil Liberties

How To Spy On Yourself: The Doorbell To End Civil Liberties

The billion-dollar ‘smart’ doorbell company…

The Fastest Growing Energy Sectors Of 2019

The Fastest Growing Energy Sectors Of 2019

The world saw a significant…

Beijing Just Turned Up The Heat In The Tech War

Beijing Just Turned Up The Heat In The Tech War

China’s Communist Party has ordered…

Mining.com

Mining.com

Mining.com

MINING.com is a web-based global mining publication focusing on news and commentary about mining and mineral exploration. The site is a one-stop-shop for mining industry…

Contact Author

  1. Home
  2. News
  3. Breaking News

World's Largest Miner Doubles Down On Renewables

Miner

BHP (ASX, NYSE:BHP), the world’s largest miner, is stepping up efforts to reassure investors that the company is committed not only to protecting the environment, but to ensure its operations deliver “social value.”

 

The company, which recently committed to invest $400 million over five years to reduce greenhouse gas emissions from its operations and commodities, believes that a key component of being able to deliver financial value is to “hardwire” local interests into its decision-making processes.

“In order to deliver financial value, you have to deliver social value. The two are completely intertwined,” BHP’s chief external affairs officer, Geoff Healy, said on Tuesday. “This is just good, sensible business.”

Healy noted the company is moving from a position of keeping a social licence to creating value to the communities involved and affected by its operations.

The idea is to add a social value assessment to the five-year business plans at all of BHP’s operations. That will be linked to the company-wide scorecard that determines employee bonuses and so help embed the aspect in the miner’s business model.

The move follows a series of recent steps BHP has been taking to become an environmentally friendly company, including carbon capture and storage and other innovations such as direct air capture.

The Melbourne, Australia-based giant has also been moving away from thermal coal, which currently makes up about 5% of its revenue. Related: NYU Professor: Tesla Could Lose 80% Of Its Value

Healy’s speech comes after a survey of global mining companies by Ernst & Young identified “maintaining a social licence,” or how much a company’s business practices are accepted by employees, interest groups and the overall public, among the top risks facing miners.

(Click to enlarge)

It also follows Rio Tinto’s pact with China’s biggest steelmaker Baowu to develop and implement ways to reduce carbon emissions in the steel sector, which is responsible for about 9% of global carbon dioxide (CO2) emissions.

Demonstrating a commitment to social value, Healy noted, could help BHP keep a competitive advantage by accessing the “best talent, the best resources and the best markets.”

“While our foundations are strong, we know that change is accelerating, and so must we – to stay competitive,” he said.

By effectively tackling climate change and delivering social value, BHP believes the industry will be more likely to attract the young digital-savvy workers it needs.

Back to homepage

Leave a comment

Leave a comment