Heat on BHP over climate change
A wave of protest at its annual meeting has moved BHP Billiton to defend its climate change position and reported backing of the Abbott Government's direct action policy, despite the company still claiming it supports a price on carbon.
Executives from the world's biggest mining company, including new chief executive Andrew MacKenzie, rolled into Perth yesterday for its annual meeting in front of about 500 shareholders.
In a move away from the traditional mining-focused agenda, the meeting was dominated by the climate-change debate, with several people peppering the board over its mining of fossil fuels such as coal and its position on a carbon price.
BHP came out in 2010 supporting a price on carbon. Yet recent reports have claimed BHP had thrown its support behind the Government's direct action policy in a submission to the carbon tax repeal task force.
Addressing the concerns in the marathon four-hour meeting yesterday, BHP chairman Jac Nasser took a more diplomatic approach in response to questions on its rumoured support of the direct action policy.
"We do accept the climate science," he said. "We do accept that actions have to be taken.
"(But) now is a good time to stop and just re-evaluate what the best way forward is. That's it, because I don't think there's enough detail in any policy that's out there at the moment.
"What you do not want is to be in a situation where you charge ahead in one situation and ruin the competiveness of industry in Australia.
"Recognising that, climate change is one of the most important strategic issues that the world faces and that industry faces."
Mr Nasser said the company still supported a fundamental price mechanism on carbon emissions as part of action on climate change but that did not mean it would invest in renewable energies.
"We will not be investing in wind and solar . . . that's just not us," he said.
"So if you want us to invest in those companies, cash in your BHP shares today."
