Statement on Climate Change

OZ Minerals is a global modern mining company.

We accept the international scientific consensus of the Intergovernmental Panel on Climate Change (IPCC), recognise the 2015 Paris Agreement and support its commitment to limit global average temperature rise to below 2°C and pursue 1.5°C. OZ Minerals recognises that climate change is a shared global challenge that requires business, government and society to work together. We are committed to playing our part in reducing greenhouse gas emissions and preparing for the physical impacts of climate change and the transition to achieve net-zero emissions by 2050.

OZ Minerals recognises there is a need for large reductions in global greenhouse gas emissions to reduce the scale of future climate change and avoid the most severe impacts. This, coupled with the world’s increasing requirements for secure, affordable energy, creates significant challenges which are best met by companies, governments and society working together.

OZ Minerals identifies climate change as a strategic risk. Climate change is listed in our Annual and Sustainability report as a strategic risk that could affect OZ Minerals’ future operating and financial performance.

 

Decarbonisation Roadmap

Since we made our climate statement in 2019, in which we acknowledged our role in supporting achievement of the Paris Agreement goals, OZ Minerals has been reviewing our business and our growth plans with a view to developing a Decarbonisation Roadmap with specific commitments.

The Roadmap reflects the actions we can take to reduce emissions in line with our Strategic Aspirations and feedback received from shareholders, our employees and other stakeholders. It also references, and seeks to generally align with, the growing number of standards, disclosure frameworks, advisory notes, and ratings agency expectations.

The Roadmap has been established to drive behaviour and outcomes within the Company and enables our stakeholders to hold us to account for delivering our commitments and advancing our Strategic Aspirations.

We look forward to marking progress over time and potentially advancing our commitments as we continually seek to achieve our Purpose of, Going beyond what’s possible to make lives better.

Andrew Cole                                                                         Rebecca McGrath
Managing Director and CEO                                                 Chairman

21 February 2021

 

Watch a management discussion of Decarbonisation initiatives held at the conclusion of our 2022 Annual General Meeting.

1317_OZ Minerals-2021 ASR Decarbonisation Roadmap

1317_OZ Minerals-2021 ASR Emissions reduction pathway

1317_OZ Minerals-2021 ASR Diesel Reduction Pathway

Task Force on Climate-related Financial Disclosures (TCFD)

In 2019, as part of our Annual and Sustainability Report, OZ Minerals released a roadmap for reporting integrated climate change risks and opportunities in line with the Recommendations of the TCFD. The TCFD provides a framework to better understand physical and transition climate-related risks.

OZ Minerals’ TCFD Roadmap has been developed in alignment with our OZWay of working to support integration into our business. Integration through our strategy, governance framework, including risk and other process standards, policies and performance standards, ensures climate change risk management can be implemented across the Company and our devolved operating assets. As the Roadmap outlines, we aim to leverage and modify our Risk Management Specifications to comprehensively accommodate opportunities and threats arising from climate-related risk. Identifying both opportunities and threats for our business is key to delivering our Strategy, in which creating value for all stakeholders is central. We will continue to assure our responses to our identified climate risks are occurring and we will disclose progress in our annual reporting.