BHP : ESG Roundtable speaking notes (21 Sept 2021)

ESG Roundtable

Speech

21 September 2021

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Speaker Notes (excluding introductory comments and remarks linking one section and the next)

Geof Stapledon, Group ESG Officer

At BHP, we believe that the world is going to need increasing supply of the essential commodities our Company produces in order to sustain global economic growth and in order to decarbonise the global economy.

It is important for the world that this growing demand is met sustainably, and BHP is ideally positioned to do so given our portfolio of existing assets, our strong track record on sustainability and social value creation, our operating and financial discipline, and most importantly our people.

At our financial results presentation last month, we announced a number of strategic steps, as we continue to grow our portfolio in future facing commodities. Two in particular: First, a US$5.7 billion investment in Jansen Stage 1, a top tier potash asset in Canada. Second, our intention to merge our Petroleum assets with Woodside. The resulting global top 10 independent oil and gas company is expected to have the resilience and optionality to succeed in the energy transition.

These decisions and intended steps are anticipated to result in around half of BHP's revenues being derived from the future facing commodities of copper, potash and nickel by the end of this decade. We also expect the other half, comprising iron ore and higher quality coking coal, to see upside as the world decarbonises.

There are four key topics in today's roundtable:

• Climate change
• Biodiversity
• Indigenous cultural heritage
• Safety

While these four topics have been prioritised for discussion today, we also acknowledge there are many other matters of significance - on which we remain acutely focused - such as human rights, inclusion and diversity, ethics and business conduct, transparency around taxes, royalties and other payments to governments, water stewardship, the composition of the Board of Directors, executive pay, and the list goes on! Should you require further information on these, or other matters, please let us know directly.

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Fiona Wild, Sustainability & Climate Change

BHP's Climate Transition Action Plan(CTAP) builds on the Climate Change Report we released in September last year. It has been designed specifically to align with the structure of the Climate Action 100+ Net Zero Company Benchmark, which was established in late 2020.

It provides an update on BHP's performance in a format that reflects evolving investor assessment and disclosure frameworks, as well as more detail on our approach to the key indicators of the CA100+ Benchmark, including Scope 3, capital alignment and the just transition.

This year at its AGMs, BHP will put forward an advisory vote, or Say on Climate, to shareholders.

This advisory vote is intended to provide a forum for shareholders to discuss and provide feedback on the Climate Transition Action Plan. As exemplified by our discussion today, we believe it is important for all shareholders to have an opportunity to engage with us on our climate strategy and actions.

The advisory vote is not binding but the Board will take the outcome of the vote and discussion at the AGMs into account as BHP seeks to execute against the Climate Transition Action Plan.

It is proposed that we would hold an advisory vote in relation to BHP's Climate Transition Action Plan every three years.

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