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Investor Coalition Welcomes BHP Climate Transaction Action Plan

World’s largest investor engagement initiative hails impact of engagement

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  • Written by  Banking Exchange staff
Investor Coalition Welcomes BHP Climate Transaction Action Plan

Leading global investors have hailed a breakthrough with one of the biggest mining companies after it published a report mapping its transition to a low-carbon business.

BHP published its Climate Action Transaction Plan 2021 last week after a lengthy period of engagement with asset managers and asset owners pushing for positive change, led by the international coalition Climate Action 100+.

The Australian-based mining, metals, and petroleum firm’s plan includes its strategy towards net zero, its scope 1, scope 2 and scope 3 emissions position and performance, as well as its capital alignment with the Paris Agreement target of a maximum average temperature increase of 1.5°C above pre-industrial levels.

Karin Halliday, senior manager of ESG and investment stewardship at AMP Capital, Alice Evans, managing director and co-head of responsible investment at BMO Global Asset Management, and Thomas O’Malley, head of policy at HSBC Asset Management, issued a statement on behalf of Climate Action 100+.

The trio said BHP’s report “continues a record of open communication on climate” and was “a realistic statement of the challenges faced, in particular for scope 3 emissions”.

Climate Action 100+ is the world’s large investor engagement initiative on climate change and involves more than 615 investors, responsible for over $55 trillion in assets under management. It co-ordinates engagement and impact work among global investors on issues relating to greenhouse gas emissions across major companies and industries.

The group has stepped up its work in the wake of the United Nations’ report in early April that issued a “code red” warning on the impacts of climate change across the planet.

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