Sneak peek at green initiatives of energy companies

June 23, 2022 05:35 PM AEST | By Toshiva Jain

Sneak peek at green initiatives of energy companies — Image source: © Adiruch | Megapixl.com

Highlights

To meet long-term goal, BHP is implementing short-term goals like lowering emissions of FY22 to levels lesser or equal to 2017. The main aim is to decarbonise electricity supply.

Rio Tinto plans to decarbonise electricity supply to achieve the said goal. It is developing repowering solutions for Australian Boyne and Tomago smelters.

Origin Energy continued to decarbonise its business by reducing its Scope 1 and Scope 2 equity emissions by 8%.

In the current dynamic era, several investors are intrigued by companies that are investing in green technology. It has been observed that the shares of companies investing in renewable energy sources are getting major limelight. Let’s glance at the significant steps undertaken by energy and mining companies in the field of renewables.

BHP Group (ASX:BHP)

The Australian mining leader, BHP Group, functions in several countries such as Australia, China, Japan, South Korea, South America, and North America. To meet the Paris agreement’s target to reach the net-zero level, the Company has decided to reach the same level by 2050.

BHP Group produces oil, uranium, petroleum, iron ore, copper, and natural gas. Two years back, it announced cutting its emissions by 30% by 2030. Additionally, to meet the long-term goal, BHP is now implementing short-term goals such as lowering its emissions of FY22 to the levels lesser or equal to 2017. The main aim is to decarbonise the electricity supply to achieve the said goal.

Mining companies investing in renewables

Source- © Amrobih | Megapixl.com

Rio Tinto (ASX:RIO)

Present in over 30 countries, Rio Tinto has set the goal to reach the net-zero target by 2050. The Company is a massive producer of iron ore, copper, diamonds, gold, and uranium. To meet the larger goal, they have set the immediate goal to reduce absolute emissions by 15% by 2025.

The Company plans to decarbonise its electricity supply to achieve the said goal. They are developing repowering solutions for Australian Boyne and Tomago smelters to do the same. It has also signed a Statement of Cooperation with the Queensland government to turn Central Queensland into a sustainable industrial hub.

Origin Energy Limited (ASX:ORG)

Origin Energy’s share price has increased by over 20% in the past one year. According to previous year's company details (FY21), the Company continued to decarbonise its business by reducing its Scope 1 and Scope 2 equity emissions by 8%, compared to FY20.

Apart from the companies listed above, other renewable firms are gaining massive attraction in the share market, such as Genesis Energy (ASX:GNE), Mercury NZ (ASX:MCY) and Infratil (ASX:IFT).

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