BlueScope Climate Action ReportWednesday, September 1, 2021
BlueScope today released its first Climate Action Report, which sets out our strategy and plans to address the decarbonisation challenge across our global operations.
We believe that steel has an important role to play in a low-carbon future. The combined expertise and dedication of BlueScope people, working with our stakeholder communities, will continue to be crucial in progressing our strategy and decarbonisation pathway.
Introduced in this video by BlueScope’s MD & CEO Mark Vassella and Chief Executive Climate Change Gretta Stephens, the Report represents a major milestone for BlueScope, building on work started some years ago.
At a Glance
The full Climate Action Report details our commitments to take action on climate change. Here are some highlights:
Key climate actions
We believe that steel has an important role to play in a low-carbon future. The combined expertise and dedication of our people, working with our stakeholder communities, will continue to be crucial in progressing our strategy and decarbonisation pathway.
The Report covers key elements of BlueScope’s action on climate change:
Our 2050 Net Zero goal:
We’re driving towards ‘net zero GHG emissions by 2050’, covering direct (Scope 1) and indirect (Scope 2) emissions across our operational footprint.
Achieving this goal is highly dependent on several enablers, including the commerciality of emerging and breakthrough technologies, availability of affordable and reliable renewable energy and hydrogen, availability of quality raw materials and appropriate public policy settings.
Our 2030 mid-term targets:
To generate momentum towards achieving our 2050 net zero goal, we have two mid-term 2030 targets.
In 2018, we set a medium-term steelmaking emissions intensity reduction target of 12 per cent by 2030. This broadly translates to a 1 per cent year on year improvement target.
We are now introducing a new target of a 30 per cent improvement in non-steelmaking greenhouse gas emissions intensity by 2030. The target will cover our midstream activities (our cold rolled, metal coating and painting lines and long and hollow products), while our downstream activities will be covered by the 2050 net zero goal. This brings total coverage of our 2030 targets to 98 per cent of our total Scope 1 and 2 emissions.
Our investment plan:
We will allocate up to $150 million over the next five years to fund our climate-related technology plan that seeks to optimise current operating assets and prepare for emerging and breakthrough technologies.
Our Climate Action Report also provides the opportunity to outline further detail with all stakeholders on:
- our climate strategy and decarbonisation pathway;
- what future climate scenarios could mean for our operations;
- our emissions performance;
- the technologies for lower emissions steelmaking;
- the integration of climate into our capital allocation framework;
- the importance of existing and new partnerships, and
- how public policies will need to support the transition to low and zero emissions steelmaking.
We hope you find the Report of value. It reflects our commitments and actions to work with our stakeholders to address climate change.