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.
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.