We recognise that we have a major carbon footprint, significant scope 1 and 2 emissions and material indirect scope 3 emissions. And we know we must address this with urgency to be part of the solution. In October 2021 we announced we will bring forward our target of reducing our scope 1 and 2 emissions by 15% to 2025 – five years earlier. We are also more than trebling our 2030 target, increasing it to a 50% reduction in our scope 1 and 2 emissions.

To achieve these targets and reach our ambition of net zero by 2050, we will:

• Accelerate our own decarbonisation switching to renewable power, electrifying processing and running electric mobile fleets.
• Focus on commodities essential to the drive to net zero.
• Increase our investment in R&D to develop products that will help our customers decarbonise quicker.

We will align our capital expenditure plans with our long-term GHG reduction target and expect to invest approximately $7.5bn towards that goal between 2022 and 2030. In addition, we aim to phase out the purchase of diesel haulage trucks and locomotives by 2030.

Having divested the last of our coal businesses in 2018, we no longer extract fossil fuels. Our portfolio is well positioned for the transition to a low-carbon economy.

In 2021, we also articulated a more explicit link between executive remuneration and our climate change goals and targets.

As well as decarbonising our own assets we need to develop products that can help our customers decarbonise. Our scope 3 emissions are nearly 520 million tonnes of CO2 and around 95% of this is from the processing of iron ore, bauxite and other products by our customers.