CEO Mike Henry has to juggle competing demands for stable production, generous payouts and the need to prepare for a carbon-light future, writes Clara Ferreira Marques
CEO Mike Henry has to juggle competing demands for stable production, generous payouts and the need to prepare for a carbon-light futureBHP CEO Mike Henry at the company’s headquarters in Melbourne, Australia, on February 18 2020. Picture: BLOOMBERG/CARLA GOTTGENS
It had already said 2022 emissions from its mines and wells would be at or below 2017 levels. Plus, the Australian company plans to tie executive compensation more closely to climate goals. London-based BP, meanwhile, has set net-zero targets by 2050 for a wider set of emissions, partly encompassing its supply chain. Only Spain’s Repsol, far smaller, has been more ambitious.
It’s a gargantuan challenge. First, because investors want everything: bumper earnings, hefty dividends and a future-proof business. That may not be possible. BHP’s interim figure on Tuesday already disappointed some. For BHP, it’s even worse: for the 2019 financial year, it said the processing of non-fossil fuel commodities added as much as 305-million tonnes of carbon dioxide equivalent, and fossil fuel use added up to 233-million.
The task over the coming months will be to come up with with measurable ambitions for the short, medium and long term, for both operational emissions and beyond. Those will need to link back to remuneration packages that also tie executives in for longer.
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