Australian Stock Markets
Australian mining giant BHP is set to pull out of the
World Coal Association and is threatening to leave the Minerals Council
of Australia over differences on climate change policy.
BHP plans to leave World Coal Association at the end of March 2018.
Company will review membership of Minerals Council within a year if MCA keeps lobbying for coal-fired power.
Shareholder activists cautiously welcome the move after pushing for BHP to quit the MCA
The company has published a 22-page report outlining key climate and energy policy differences between it and several of the lobby groups it is a member of.
The review has found material differences between BHP's position and the position of the Minerals Council of Australia (MCA), the US Chamber of Commerce and the World Coal Association (WCA).
BHP said it has reached a preliminary view to exit the WCA, with a final decision due by the end of March.
The company said it is also considering its future as part of the US Chamber of Commerce, again with a decision due by the end of March.
BHP has indicated its desire to remain part of the MCA "given the high level of benefit BHP derives from membership", but the company has said it will request the MCA refrain from policy activity and advocacy in these areas of difference on climate and energy policy.
The company said it will review its membership of the MCA if the organisation has not stopped such activity within the next 12 months.
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