Big investors unimpressed by MCA's climate pledge

A group of major investors have demanded the Minerals Council of Australia (MCA) provide more information on how its members will reach net zero carbon emissions, saying the lobby group's climate action plan was too vague.

The $878 billion UK giant Aberdeen Standard Investment questioned its reliance on carbon capture and storage technology, which it said was a last resort, and criticised the MCA's failure to include scope 3 emissions in its net zero pledge.

"It doesn’t address scope 3, it doesn’t directly address lobbying, and there is quite a lot of talk of net zero, but it doesn’t seem from what I can see to have any steps to encourage members to become net zero carbon emitters," said an Aberdeen executive, Danielle Welsh-Rose.

The criticisms, echoed by the big bank and super-backed Investor Group on Climate Change cast doubt over whether the new climate policy will be enough to silence investor concerns over the lobby group's stance on global warming.

The new plan, which formally pledged support to the goals of the Paris Agreement, included a commitment to reducing the minerals industry's operational emissions to zero by an unspecified date, with an emphasis on technologies such as carbon capture and storage.

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