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At BlueScope, the way we work is as important as the work we do. We have a number of priority areas that we focus on within our ethics and governance framework. You can find some of our policies provided here.
With its strength, durability and recyclability, steel is one of the most useful and in-demand materials in the world and a critical foundation for sustainable economic development and the transition to a low carbon society.
At BlueScope, we understand the critical need to take action on climate and its importance to our business, our customers and communities. We also recognise that water is a scarce resource and that future supplies will be affected by population growth and climate change. Climate action is key to our purpose and is a core element of Our Strategy.
We’re committed to actively addressing climate change and investing in GHG emissions reduction to transform BlueScope for long term success. In the near to mid-term, we’re optimising current operating assets across our portfolio. For the longer term, we’re exploring and collaborating to pursue emerging and breakthrough technologies to work towards our 2050 net zero goal.
We’ve allocated $150 million over five years starting FY22 to fund our climate-related technology plan.
We’re also working to optimise water monitoring, reduce the consumption of fresh water drawn from community water sources, for example through water recycling and rainwater capture, and improve water discharge quality.
Our decarbonisation pathway outlines the steps we plan to take to meet our 2030 GHG targets and net zero 2050 goal. We’re continuing to optimise current operating assets across our footprint, including energy and process efficiencies across our steel making assets, low carbon energy sources and increased scrap use. We’re also investigating accelerated technology developments in natural gas Direct Reduced Iron (DRI) as a transitional pathway to using green hydrogen to produce lower emissions steel.
^^ The non-steelmaking target applies to our midstream activities that include our cold rolled, metal coating and painting lines and long and hollow products. It excludes our downstream activities.
^Applies to our Scope 1 and 2 emissions, relative to a 2018 baseline, across our midstream or non-steelmaking activities.
Enabling net zero
We acknowledge that achieving our 2050 net zero goal is highly dependent on a range of key enablers shared across multiple sectors and stakeholders.
Availability of appropriate volumes of affordable hydrogen from renewable sources.
Evolution of emerging and breakthrough technologies to viable, commercial scale.
Raw material supply
Availability of quality raw materials.
Access to affordable, firmed renewable energy.
Policy that supports decarbonisation investment & avoids carbon leakage.
We're actively exploring decarbonisation technologies and introducing technology upgrades within specific local context.
Additionally, our BlueScopeX™ investment fund is focused on small-scale, early-stage investment in steel decarbonisation and energy efficient buildings.
We seek to reduce the environmental impact of our products, including embodied carbon, in line with our decarbonisation commitments. The steel we supply today will support economies for decades to come and is critical to the transition in many sectors including the renewable energy industry.
We recognise that climate change is a material strategic issue for our business that requires clear accountabilities for oversight and implementation of our commitments. Climate change is integrated into our risk management framework – we evaluate and monitor the impact of climate-related risks across our business.
Our Board, with the assistance of its committees, oversees all climate-related matters, while day-to-day accountability rests with management. BlueScope’s Climate Change Council oversees the development and implementation of our climate strategy and associated work programs and provides input and recommendations to the Executive Leadership Team, and the Board.
Reporting and disclosure
Each year, we publish our Sustainability Report, which provides an update on how we are progressing against our climate strategy. We also published BlueScope's first dedicated Climate Action Report in 2021. It sets out our climate strategy, scenarios, targets and net zero goal and decarbonisation pathway.
BlueScope is a registered trademark of BlueScope Steel Limited.