Climate Action 100+ Produces Net Zero Standard for Diversified Mining: Consultation Draft

18 May 2023
Climate Action 100+, the world's largest investor engagement initiative on climate change, has produced a consultation draft of the Net Zero Standard for Diversified Mining.

  • This standard will provide investors with a new tool to help assess diversified mining companies’ transition plans to net zero.
  • Draft standard enters next phase of consultation until June 2023 with final version scheduled for publication in Q3 2023.

The new Standard will help investors assess the progress of diversified mining companies as they move towards net zero.

The Standard will provide a transparent, systematic, and evidence-backed tool, so Climate Action 100+ signatories have metrics that are specific to this important, but complex, sector. The Standard is designed to complement the sector-neutral Climate Action 100+ Company Benchmark.

The consultation draft of the Net Zero Standard for Diversified Mining reflects the outcome of extensive consultation with investors and mining companies themselves.

The network partners particularly thank companies and international mining trade association, ICMM, for joining group briefing sessions, roundtables, unilateral meetings, and for providing feedback on earlier drafts.

Mining companies’ role in net zero

Mining companies have the potential to reduce transition risk and accelerate the global transition to net zero, including through:

  • Rapidly transitioning away from extracting and selling carbon-intensive products like fossil fuels.
  • Rapidly and responsibly transitioning towards producing ‘transition materials’.
  • Rapidly cutting their operational emissions, including methane.
  • Rapidly cutting emissions in their value chains, including upstream and downstream transportation.

As mining companies re-position their businesses, it is also critical that investors have robust tools to independently and consistently assess companies’ transition plans, in order to reduce transition risk and progress towards net zero.
Once finalised, the Standard will help provide clarity and consistency to all stakeholders, including policy makers and regulators.

Diversified Mining Companies

As of May 2023, Climate Action 100+ classifies 10 companies as diversified miners, including Australian companies Rio Tinto, BHP, and South 32.

The full  list of companies and the latest company assessments available here.

Process and timeline

Climate Action 100+ has produced this consultation draft of the Standard offering a further opportunity for investors and companies to provide feedback. It also extends the opportunity to a broader range of select stakeholders, including NGOs.

Following the consultation, the final Standard is scheduled to be published in Q3 2023.


“Investors have been looking for a rigorous and reliable tool to assess the credibility of mining companies’ plans and progress in the transition to net zero.

As regulators around the world crack down on greenwashing, we hope this standard will provide clarity and consistency to all stakeholders, including the companies themselves.”
– Rebecca Mikula Wright,
CEO, Investor Group on Climate Change & Asia Investor Group on Climate Change

Download the Benchmark Version 2.0

About Climate Action 100+

Climate Action 100+Climate Action 100+ is the world’s largest investor engagement initiative on climate change. Investors are focused on ensuring 166 of the world’s biggest corporate greenhouse gas (GHG) emitters take the necessary actions to align their business strategies with the goals of the Paris Agreement. This includes improving corporate governance of climate change, reducing GHG emissions, and strengthening climate-related financial disclosures.

  • 700 Investor Signatories
  • US$68 Trillion AUM
  • 166 Focus Companies
  • 80% Global Industrial Emissions

Climate Action 100+ is delivered by five investor networks working with the initiative’s investor signatories.
These organisations, along with investor representatives from AustralianSuper, California Public Employees’ Retirement System (CalPERS), GAM Investments, Generali Insurance Asset Management (Generali Group) and Sumitomo Mitsui Trust Asset Management form the global Steering Committee for the initiative. Follow CA100+ on Twitter: @ActOnClimate100.

Climate Action 100+ does not require or seek collective decision-making or action with respect to acquiring, holding, disposing and/or voting of securities. Signatories are independent fiduciaries responsible for their own investment and voting decisions and must always act completely independently to set their own strategies, policies and practices based on their own best interests. The use of particular engagement tools and tactics, including the scope of participation in Climate Action 100+ engagements, is at the discretion of individual signatories. Climate Action 100+ facilitates the exchange of public information, but signatories must avoid the exchange of non-public, competitively sensitive information, including with other signatories, participants in engagements, Climate Action 100+ itself, and its investor networks. Signatories may not claim to represent other signatories or make statements referencing other signatories without their express consent. Any decision by signatories to take action with respect to acquiring, holding, disposing and/or voting of securities shall be at their sole discretion and made in their individual capacities and not on behalf of Climate Action 100+, its investor networks or their other signatories or members. Signatories must avoid coordination of strategic behavior between competitors that impacts or is likely to impact competition.

Climate Action 100+ and its investor networks do not act or speak on behalf of each other or Climate Action 100+ signatories. They also do not seek directly or indirectly, either on their own or another’s behalf, the power to act as proxy for a security holder and do not furnish or otherwise request, or act on behalf of a person who furnishes or requests, a form of revocation, abstention, consent or authorization. In addition, Climate Action 100+ does not provide investment or voting recommendations, and signatories are not obligated by CA100+ to make investment or voting recommendations based on the investment or voting behavior of other signatories.

Climate Action 100+ and its investor networks do not provide investment, legal, accounting or tax advice. Climate Action 100+ and its investor networks do not necessarily endorse or validate the information contained herein.

The terms of engagement, responsibilities, rights and other information contained elsewhere herein are intended to be interpreted in a manner consistent with the foregoing.

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