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South32 (S32) investor relations material
South32 ESG Update summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Climate strategy evolution and portfolio repositioning
Portfolio shifted from less than 50% to about 90% revenue from aluminium and base metals since 2015, with increased focus on copper and critical minerals for the energy transition.
100% of capital expenditure now directed to transition metals and materials, prioritizing high-return, critical mineral operations.
Divested from capital-intensive, lower-return businesses, including coal, and acquired interests in Hermosa and Sierra Gorda to support base metals growth and transition risk reduction.
Scenario analysis stress-tested business under 1.5°C and 2.8°C pathways, showing demand growth for aluminium, copper, and manganese, with all commodities except lead expected to grow.
Capital management framework prioritizes safe operations, investment-grade credit rating, and minimum 40% earnings distribution as dividends, while supporting decarbonisation investments.
Emissions reduction and decarbonization efforts
Target to halve net operational emissions by FY35 and achieve net zero by 2050, including Scope 3 emissions.
Major operational emissions stem from the aluminium value chain, especially Hillside (coal-powered) and Worsley (coal/gas-powered), with Hillside accounting for 58% of emissions.
Hillside's decarbonization depends on securing affordable, large-scale low-carbon energy; multi-stakeholder collaboration ongoing with Eskom and government.
Worsley reduced emissions by 12% through boiler conversions to natural gas; further reductions depend on electrification and renewable energy infrastructure.
Scope 3 emissions reduced by 80% since FY19, mainly due to portfolio changes and improved tracking.
Climate risk management, resilience, and just transition
Physical climate risks integrated into business risk management, with a three-year adaptation and resilience plan underway and five key initiatives to strengthen resilience.
Infrastructure upgrades focus on tailings storage, flood resilience, power supply, and raw material supply chain disruptions.
Financial exposure to physical climate risks is assessed and incorporated into asset valuations and closure cost estimates, with ongoing disclosure improvements.
Community climate resilience and just transition principles embedded in governance, social investment plans, and workforce evolution.
Ongoing participation in regional just transition groups and proactive engagement with governments and industry to secure low-carbon solutions.
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