Page 14 - Respond 2022 Magazine
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Commitment                                                             Vale

          to our planet                                                          Originally established on June 1,

                                                                                 1942 as state-owned Companhia
                                                                                 Vale do Rio Doce, Vale became a
                                                                                 private company ranking among
                                                                                 the largest mines in the world.
                                                                                 Our operations abroad cover
          Over the past few years, we have   We are uniquely positioned to reduce our   approximately 30 countries that
          seen increased recognition of the   scopes 1 and 2 emissions, and on the road   share our mission to transform
          urgency to address the climate    towards net zero.                    natural resources into prosperity
          challenge, it is a threat to our   Vale has a goal of reducing its absolute   and sustainable development. In
          society, which requires decisive   operational emissions by 33%  up to 2030,   addition to mining, we work with
          action from the private and the   aligned with the Paris Agreement goal of   logistics – railways, ports, terminals
          public sectors. In this context,   limiting global average temperature rise to   and state-of-the-art infrastructure,
          Vale is committed to facing this   well below 2 degrees Celsius.       energy and steel making.
          challenge and turning it into an
          opportunity. Our ambitions are    We will invest between US$ 4-6bn up to
          high, and our targets are bold.   2030 to achieve this target, prioritizing the
          We have both the will and the     most cost-efficient initiatives identified   We have a world-class portfolio of iron
          assets to be part of the solution,   by Vale’s annually updated marginal   ore and base metals that are critical to the
          reinforced by our New Pact with   abatement cost curve (MACC).       world’s low-carbon transition. Today, almost
          Society.                                                             90% of our iron ore products have the high-
                                            We are already industry leaders in   quality required for the transition. Its usage
                                            renewable energy to power our operations.   results in lower fuel consumption and thus
                                            Around 90% of our power consumption is   emissions in the steelmaking process. Our
                                            already renewable, mostly from our hydro   Nickel and Copper products are among
                                            powerplants, and we are on track to reach   the lowest CO2 intensive in the industry,
                                            the 100% in Brazil up to 2025, and globally,   contributing to lower carbon emissions in
                                            by 2030. Since 2018, we have taken   its value chain, and are commonly used
                                            important steps towards our commitment   in high-energy battery cells. They are also
                                            by adding wind and solar sources to our   critical components for the technologies
                                            matrix through long-term Power Purchase   and the infrastructure required for the low-
                                            Agreements and project implementation.  carbon transition.

                                            Vale has a world-class, low-carbon   In this context, our product portfolio,
                                            innovation program known as PowerShift,   combined with our own initiatives, will
                                            whose goal is to transform our energy matrix   likely contribute to 15-25% of the targeted
                                            by moving away from fossil fuels through   emission reduction by 2035. Some
                                            increased energy efficiency and renewable   examples of initiatives we aim to scale
                                            energy, zero-emissions technologies and   up are energy-efficient agglomerates for
                                            new processes. Since its launch, in 2018,   direct reduction, natural gas-based HBI
                                            we have implemented pilots across all our   production and biomass-based pig iron
                                            operations, paving the way to reach our   production.
                                            2030 targets, once proven successful and
                                            implemented at scale. Since 2018, the share   For the remaining 85-75% of scope 3
                                            of renewables sources in Vale’s energy   emissions reduction goal, we will lead
                                            matrix evolved to 31% from 26%.    through partnerships. We are already
                                                                               engaging with our most relevant clients
                                            We have a leading role in value chain   to foster technological development and
                                            decarbonization, transforming together.  the adoption of lower carbon solutions in
                                            Vale has unique assets and is well-  iron ore. The steel sector has a massive
                                            positioned to support its clients in reducing   challenge in a net-zero scenario, as steel
                                            their carbon footprint, so much that we   production will increase by 12% in 2050,
                                            were the first among our peers to set a   while reducing CO2 emissions by 92% in the
                                            quantitative target for scope 3.   same period , according to the International
                                                                               Energy Agency. At the same time, over
                                            We will reduce net scope 3 emissions by   a third of the technologies needed to
                                            15% by 2035, based on the development   decarbonize it by 2050 are still at the
                                            of new products, nature-based solutions,   prototype or demonstration phases , posing
                                            increased energy efficiency, alternative   a cost challenge in addition. Together
                                            fuels for seaborn ore transport, and   with our clients, we are monitoring the
                                            partnership and engagement with clients   regulatory frameworks under development
                                            and suppliers.                     in different geographies, since those will be
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