BHP and Rio Tinto are among the big mining names calling for urgent action to limit global warming to 1.5°C.
The Australian Industry Energy Transitions Initiative (AIETI) today put out a joint statement affirming its own – along with that of its affiliates – commitment to pursuing a net-zero emissions goal.
“The current global energy crisis highlights the need for energy security,” the statement read. “However, this should not distract from the imperative to reduce emissions.
“In fact, it presents an opportunity to plan for and invest in the future energy system we need. As some of Australia’s largest companies, we understand that we have a critical role to play.”
The statement counts BHP, Rio Tinto, Fortescue and BlueScope among its 17 signatories.
AIETI affiliates comprise a third of the ASX100 market value and are responsible for a fifth of Australia’s industrial emissions.
In February, the AIETI put out its third and final Pathways to Industrial Decarbonisation report, which not only called for climate action in the heavy industries, but also identified five clear objectives to enable emissions-intensive industries to transition to net-zero:
- Set a strong, clear, enduring framework with a net-zero emissions goal to align industry, finance and government
- Transition to the large-scale, cost-competitive, renewable energy system of the future
- Accelerate development and demonstration of the required emerging technologies
- Drive deployment of low-carbon solutions, reduce barriers, and support investment towards the transition
- Develop integrated net-zero emissions industrial regions, supply chains and energy network solutions
The new statement emphasised the need for a collaborative effort, showing support for emissions-related government policy.
“It will require a significant stretch in ambition, and coordinated action across businesses, investors and government, while being inclusive of our communities, workers and Traditional Owners and Elders on whose lands we operate,” the statement read.
“We will encourage and support federal and state governments as they develop an economy-wide suite of policies to support the above objectives, including measures to drive down emissions, reduce barriers and support investment towards the transition.”
The joint statement follows the partial release of the Intergovernmental Panel on Climate Change’s (IPCC) Sixth Assessment report. The report – the most damning yet – indicated that the world is currently on track for a warning of over two degrees.