BlueScope to Pursue Goal of Net Zero by 2050
BlueScope, stating its goal of net zero greenhouse gas emissions by 2050 covering operational scope 1 and 2 GHG emissions across its global operations, announced that achieving the 2050 net zero goal is highly dependent on several enablers, including the commerciality of emerging and breakthrough technologies, the availability of affordable and reliable renewable energy and hydrogen, the availability of quality raw materials and appropriate public policy settings. BlueScope Managing Director and CEO Mr Mark Vassella said “Company would allocate up to AUD 150 million over the next five years on near-term action on climate change. This immediate capital allocation will fund our technology plan that seeks to optimise current operating assets and prepare for emerging and breakthrough technologies. Immediately, we'll focus on production efficiencies such as increased usage of scrap, indigenous gases and renewable energy. We are actively investigating the use of biochar as a replacement for a proportion of pulverised coal injection into the blast furnace, and are seeking government co-funding for this and other pilot projects, including a hydrogen electrolyser to trial hydrogen injection in the blast furnace. And we will be developing government and industry partnerships, collaborative opportunities with suppliers, and breakthrough R&D projects.”
He added “We are serious about playing our role in meeting the decarbonisation challenge. Our recent appointment of a Chief Executive Climate Change was a significant step forward; this capital allocation is the second step and there is more to come.”
He said the Company would reveal details of its climate action plan including a decarbonisation pathway and a capital planning process to underpin that, when it releases its Climate Action Report in early September1.