(Bloomberg Opinion) — As oil companies flesh out plans to cut carbon emissions, their peers in the mining sector risk being left behind.
BHP Group, Rio Tinto Group and Vale SA are already among the world’s largest emitters, thanks to the vast amounts of carbon spewed out turning their key product of iron ore into steel. Among producers with listings on major developed exchanges, only Royal Dutch Shell Plc sits higher than the big three miners in terms of so-called Scope 3 emissions.
(This describes pollution generated when a company’s products are used, such as when gasoline is burned in a car or steel is produced in a mill. It comprises the vast majority of total emissions in the resources sector.(1))