As a leading resources company headquartered in Australia, BHP started trading with China over a century ago, and we have witnessed the tremendous transformation of China during that time.
In the past 50 years alone, BHP has supplied over 2.5 billion tonnes of iron ore as well as many other commodities and energy products to China. We are proud that our products and relationships have contributed to China’s exponential economic growth and also to global development.
Our partnership with China is multifaceted and long-standing. China is now our largest market and an increasingly significant supplier of goods and services. We highly value our deep and enduring relationships with our Chinese partners, no more visibly demonstrated than during the pandemic challenges of the last few years.
While we worked closely with our partners in China to overcome the disruption of COVID, a more pressing and urgent challenge requires an even greater degree of co-operation and partnership. As tough as COVID has been, it pales in comparison to the potentially existential consequences of climate change.
China is demonstrating global leadership in making a clear commitment to becoming net zero and in inviting others to join in overcoming this challenge. This is a global challenge, not a national one, and so we must come together to create a sustainable range of solutions. A global commitment towards a green recovery, enabled by shared action, can achieve a stronger, faster recovery from COVID-19, and a cleaner, more sustainable world.
Our 2050 goal is to achieve net zero for our Scope 1、2 and 3 emissions. In respect of our Scope 3 emissions, we are working with our partners, including our customers in China in the steel industry. Backed by our Climate Investment Program, BHP has signed MOUs with China Baowu, HBIS and research institutions to support critical work in areas such as low-carbon steelmaking and low-emissions technologies. There is more to be done, and I have no doubt we will find like-minded partners in China to partner with in 2022 and beyond.
In addition, I would like to sincerely thank the China Development Research Foundation for convening CDF 2022 at this critical time and inviting me to join delegates from around the world to discuss import topics like carbon neutrality. These conversations are critical and establish the foundation for lasting partnerships and real action.