According to The Australian Financial Review, BHP will spend up to $US1 billion ($1.37 billion) over the next five years to achieve its new emissions reduction targets and indicated the investment required to achieve the targets would rank above dividends on its list of spending priorities.
The miner said its portfolio would "do best" under a scenario where temperature rises were limited to 1.5 degrees, and estimated that a carbon price of $US160 per tonne would be required by 2030 to achieve the goal, rising to $US280 per tonne in 2050.
BHP said it would help the steel industry to find ways to reduce the emissions generated when BHP's coking coal is burned with iron ore in blast furnaces.
''We will support the steel industry to identify pathways and develop technologies by 2030 to reduce emissions intensity by 30 per cent,'' said Mr Henry in a speech.
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