The potential merger between BHP and Anglo American has been a significant topic in the mining industry, with the possibility of creating the largest base metal company globally. However, the merger has faced multiple rejections and challenges.
Here are the key points of the merger proposal:
- Initial and Revised Proposals:
- BHP initially proposed a $38.8 billion all-share offer to acquire Anglo American, which included plans to demerge Anglo American’s platinum and iron ore assets in South Africa.
- The revised proposal increased the merger exchange ratio by 15%, offering Anglo American shareholders 16.6% ownership in the combined entity, up from 14.8% in the initial proposal.
- Rejections and Concerns:
- Anglo American’s board has consistently rejected BHP’s proposals, citing that they significantly undervalue the company and involve a highly complex structure with significant execution risks.
- The structure requires Anglo American to demerge its holdings in Anglo American Platinum and Kumba Iron Ore, which the board finds unattractive and risky for its shareholders.
- Focus on Copper:
- Both companies are heavily focused on copper due to its crucial role in the energy transition, with BHP aiming to become the world’s largest copper producer through this merger.
- The combined entity would control significant copper assets, including major mines in South America, enhancing BHP’s position in the copper market.
The merger faces potential regulatory scrutiny, particularly concerning market concentration in the copper sector and the impact on South African operations. BHP has proposed several socioeconomic measures to address these concerns, including maintaining employment levels and supporting local procurement in South Africa.
Ultimately, BHP has pulled its bid as of May 29th. With or without the deal, each mining giant has been figuring hard how to deal with their carbon emissions.
BHP’s Carbon Crusade and Net Zero Ambitions
BHP has committed to achieving net zero operational (Scope 1 and 2) emissions by 2050. Their medium-term target is a 30% reduction from adjusted FY2020 levels by FY2030, involving an investment of around $4 billion. Key initiatives include transitioning from diesel to battery-powered haul trucks, which are more efficient, and investing in renewable energy sources to power their operations, especially in Western Australia and Chile.

For example, BHP plans to build 500 megawatts of renewable energy and storage capacity to meet increased power demand from their operations as they transition to electric haul trucks.
While BHP prioritizes internal GHG emission reduction, they recognize the temporary role of high-integrity carbon credits. The mining titan doesn’t plan to use carbon credits for operational GHG emission reduction medium-term targets. However, if abatement projects do not achieve the expected GHG reductions, BHP retains the flexibility to use high-integrity carbon credits toward their 2030 climate targets.
BHP’s Scope 3 emissions, which account for 97% of their total emissions, are predominantly from the use of their products by customers. While BHP aims to achieve net zero Scope 3 emissions by 2050, this remains an aspirational goal rather than a strict target.

They are focusing on developing low-carbon technologies in collaboration with the steelmaking industry, such as hydrogen-based Direct Reduced Iron (DRI) plants. BHP also supports carbon capture and storage (CCS) technologies, although these have faced criticisms for their limited effectiveness and low capture rates.
BHP Carbon Emissions:
- Scope 1 emissions (direct emissions from operations) in FY2023: 7.5 million tonnes CO2e
- Scope 2 emissions (indirect emissions from purchased electricity/energy) in FY2023: 5.0 million tonnes CO2e
- Scope 3 emissions (indirect emissions from value chain) in FY2023: 95.8 million tonnes CO2e
READ MORE: BHP to Spend $4B to Decarbonize by 2030, Carbon Emissions Spikes Up Near-Term
Anglo American’s Eco Revolution: Slashing Emissions in Style
Anglo American aims to achieve carbon neutrality across its operations by 2040. Interim targets include reducing these emissions by 30% by 2030. Their FutureSmart Mining
program is central to this effort, leveraging technology and digitalization to enhance sustainability.

Notable initiatives include securing 100% renewable electricity for operations in Brazil, Chile, and Peru, and developing hydrogen fuel cell and battery hybrid trucks, which are set to replace diesel trucks across their global fleet from 2024.
Anglo American has set an ambitious target to reduce Scope 3 emissions by 50% by 2040. This will be achieved by working with customers and technology partners to decarbonize the steel industry and by making changes in their product portfolio.

They are also focused on improving efficiencies and controlling emissions within their supply chain and logistics, particularly in shipping.
Anglo American carbon emissions:
-
- Scope 1 emissions in 2023: 7.5 million tonnes CO2e
- Scope 2 emissions in 2023: 5.0 million tonnes CO2e
- Scope 3 emissions in 2023: 95.8 million tonnes CO2e
The British mining giant is making significant progress in reducing emissions from Scope 3 sources. Processing iron ore remains the largest contributor, with steelmaking accounting for 50.9 Mt CO2e, or 47% of total emissions in 2023. The emissions intensity of the company’s iron ore has decreased by 5% in 2023 compared to the 2020 baseline.
Anglo American plans to reduce its Scope 3 emissions by prioritizing 7 initiatives over four themes, as specified in its Climate Change Report 2023.
Cutting-Edge Clean Energy and Decarbonization Projects
BHP is investing in several clean energy and decarbonization projects. They are trialing “dynamic charging” for electric haul trucks, allowing them to be charged while in operation. In addition, they are developing carbon capture projects with steelmakers and exploring various renewable energy projects to power their operations.
Despite these efforts, BHP has acknowledged that short-term emissions may increase due to production growth before significant reductions are realized.

Similarly, Anglo American is actively engaging in clean energy projects as part of their decarbonization strategy. Their partnership with EDF Renewables aims to ensure that all electricity used by 2030 will come from zero-emission sources.
They have already achieved a 100% renewable electricity supply for their operations in several countries and are developing hydrogen-powered haul trucks to replace diesel ones. These initiatives are expected to significantly reduce their carbon footprint and contribute to their net zero goals.
The potential merger between BHP and Anglo American may have faced significant challenges, but both companies remain steadfast in their commitment to reducing carbon emissions and advancing towards net zero goals. Both miners are leveraging technology and strategic partnerships to drive their decarbonization efforts.
The post Carbon Emissions Averted? BHP and Anglo-American Deal Off the Table appeared first on Carbon Credits.
Carbon Footprint
Climate Impact Partners Unveils High-Quality Carbon Credits from Sabah Rainforest in Malaysia
The voluntary carbon market is changing. Buyers are no longer focused only on large volumes of cheap credits. Instead, they want projects with strong science, long-term monitoring, and clear proof that carbon has truly been removed from the atmosphere. That shift is drawing more attention to high-integrity, nature-based projects.
One project now gaining that spotlight is the Sabah INFAPRO rainforest rehabilitation project in Malaysia. Climate Impact Partners announced that the project is now issuing verified carbon removal credits, opening access to one of the highest-quality nature-based removals currently available in the global market.
Restoring One of the World’s Richest Rainforest Ecosystems
The project is located in Sabah, Malaysia, on the island of Borneo. This region is home to tropical dipterocarp rainforest, one of the richest forest ecosystems on Earth. These forests store huge amounts of carbon and support extraordinary biodiversity. Some dipterocarp trees can grow up to 70 meters tall, creating habitat for orangutans, pygmy elephants, gibbons, sun bears, and the critically endangered Sumatran rhino.
However, the forest within the INFAPRO project area was not intact. In the 1980s, selective logging removed many of the most valuable tree species, especially large dipterocarps. That caused serious ecological damage. Once the key mother trees were gone, natural regeneration became much harder. Young seedlings also had to compete with dense vines and shrubs, which slowed the forest’s recovery.
To repair that damage, the INFAPRO project was launched in the Ulu-Segama forestry management unit in eastern Sabah.
- The project has restored more than 25,000 hectares of logged-over rainforest.
- It was developed by Face the Future in cooperation with Yayasan Sabah, while Climate Impact Partners has supported the project and helped bring its credits to market.
Why Sabah’s Carbon Removals are Attracting Attention
What makes Sabah INFAPRO different is not only the size of the restoration effort. It is also the way the project measured carbon gains.

Many forest carbon projects issue credits in annual vintages based on year-by-year growth estimates. Sabah INFAPRO followed a different path. It used a landscape-scale monitoring system and waited until the forest moved through its strongest natural growth period before issuing removal credits.
- This approach gives the credits more weight. Rather than relying mainly on short-term annual estimates, the project measured carbon sequestration over a longer period. That helps show that the forest delivered real, sustained, and measurable carbon removal.
The scientific backing is also unusually strong. Since 2007, the project has maintained nearly 400 permanent monitoring plots. These plots have allowed researchers, independent auditors, and technical specialists to observe the full growth cycle of dipterocarp forest recovery. The result is a large body of field data that supports carbon calculations and strengthens confidence in the credits.
In simple terms, buyers are not just being asked to trust a model. They are being shown years of direct forest monitoring across the project landscape.
Strong Ratings Support Market Confidence
Independent assessment has also lifted the project’s profile. BeZero awarded Sabah INFAPRO an A.pre overall rating and an AA score for permanence. That places the project among the highest-rated Improved Forest Management, or IFM, projects in the world.
The rating reflects several important strengths. First, the project has very low exposure to reversal risk. Second, it has a long and stable operating history. Third, its measured carbon gains align well with peer-reviewed ecological research and independent analysis.
These points matter in today’s market. Buyers have become more cautious after years of debate over the quality of some forest carbon credits. As a result, they now look more closely at durability, transparency, and third-party validation. Sabah INFAPRO’s rating helps answer those concerns and makes the project more attractive to companies looking for credible carbon removal.
The project is also registered with Verra’s Verified Carbon Standard under the name INFAPRO Rehabilitation of Logged-over Dipterocarp Forest in Sabah, Malaysia. That adds another level of market recognition and verification.
A Wider Model for Rainforest Recovery
Sabah INFAPRO also shows why high-quality nature-based projects are about more than carbon alone. The restoration effort supports broader ecological recovery in one of the world’s most important rainforest regions.
Climate Impact Partners said it has worked with project partners to restore degraded areas, run local training programs, carry out monthly forest patrols, and distribute seedlings to support rainforest recovery beyond the project boundary. These efforts help strengthen the wider landscape and expand the project’s environmental impact.
That broader value is becoming more important for buyers. Companies increasingly want projects that support biodiversity, ecosystem health, and local engagement, along with carbon removal. Sabah INFAPRO offers that mix, making it a stronger fit for the market’s shift toward higher-integrity credits.

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Carbon Footprint
Bitcoin Falls as Energy Prices Rise: Why Crypto Is Now an Energy Market Story
Bitcoin’s recent drop below $70,000 reflects more than short-term market pressure. It signals a deeper shift. The world’s largest cryptocurrency is becoming increasingly tied to global energy markets.
For years, Bitcoin has moved mainly on investor sentiment, adoption trends, and regulation. Today, another force is shaping its direction: the cost of energy.
As oil prices rise and electricity markets tighten, Bitcoin is starting to behave less like a tech asset and more like an energy-dependent system. This shift is changing how investors, analysts, and policymakers understand crypto.
A Global Power Consumer: Inside Bitcoin’s Energy Use
Bitcoin depends on mining, a process that uses powerful computers to verify transactions. These machines run continuously and consume large amounts of electricity.
Data from the U.S. Energy Information Administration shows Bitcoin mining used between 67 and 240 terawatt-hours (TWh) of electricity in 2023, with a midpoint estimate of about 120 TWh.

Other estimates place consumption closer to 170 TWh per year in 2025. This accounts for roughly 0.5% of global electricity demand. Recently, as of February 2026, estimates see Bitcoin’s energy use reaching over 200 TWh per year.
That level of energy use is significant. Global electricity demand reached about 27,400 TWh in 2023. Bitcoin’s share may seem small, but it is comparable to the power use of mid-sized countries.
The network also requires steady power. Estimates suggest it draws around 10 gigawatts continuously, similar to several large power plants operating at full capacity. This constant demand makes energy costs central to Bitcoin’s economics.
When Oil Rises, Bitcoin Falls
Bitcoin mining is highly sensitive to electricity prices. Energy is the highest operating cost for miners. When power becomes more expensive, profit margins shrink.
Recent market movements show this link clearly. As oil prices rise and inflation concerns persist, energy costs have increased. At the same time, Bitcoin prices have weakened, falling below the $70,000 level.

This is not a coincidence. Studies show a direct relationship between Bitcoin prices, mining activity, and electricity use. When Bitcoin prices rise, more miners join the network, increasing energy demand. When energy costs rise, less efficient miners may shut down, reducing activity and adding selling pressure.
This creates a feedback loop between crypto and energy markets. Bitcoin is no longer driven only by demand and speculation. It is now influenced by the same forces that affect oil, gas, and power prices.
Cleaner Energy Use Is Growing, but Fossil Fuels Still Matter
Bitcoin’s environmental impact depends on its energy mix. This mix is improving, but it remains uneven.
A 2025 study from the Cambridge Centre for Alternative Finance found that 52.4% of Bitcoin mining now uses sustainable energy. This includes both renewable sources (42.6%) and nuclear power (9.8%). The share has risen significantly from about 37.6% in 2022.
Despite this progress, fossil fuels still account for a large portion of mining energy. Natural gas alone makes up about 38.2%, while coal continues to contribute a smaller share.

This reliance on fossil fuels keeps emissions high. Current estimates suggest Bitcoin produces more than 114 million tons of carbon dioxide each year. That puts it in line with emissions from some industrial sectors.
The shift toward cleaner energy is real, but it is not complete. The pace of change will play a key role in how Bitcoin fits into global climate goals.
Bitcoin’s Climate Debate Intensifies
Bitcoin’s growing energy demand has placed it at the center of ESG discussions. Its impact is often measured through three key areas:
- Total electricity use, which rivals that of entire countries.
- Carbon emissions are estimated at over 100 million tons of CO₂ annually.
- Energy intensity, with a single transaction using large amounts of power.

At the same time, the industry is evolving. Mining companies are adopting more efficient hardware and exploring new energy sources. Some operations use excess renewable power or capture waste energy, such as flare gas from oil fields.
These efforts show progress, but they do not fully address the concerns. The gap between Bitcoin’s energy use and its environmental impact remains a key issue for investors and regulators.
- MUST READ: Bitcoin Price Hits All-Time High Above $126K: ETFs, Market Drivers, and the Future of Digital Gold
Bitcoin Is Becoming Part of the Energy System
Bitcoin mining is now closely integrated with the broader energy system. Operators often choose locations based on access to cheap or excess electricity. This includes areas with strong renewable generation or underused energy resources.
This integration creates both opportunities and challenges. On one hand, mining can support energy systems by using power that might otherwise go to waste. It can also provide flexible demand that helps stabilize grids.
On the other hand, it can increase pressure on local electricity supplies and extend the use of fossil fuels if cleaner options are not available.
In the United States, Bitcoin mining could account for up to 2.3% of total electricity demand in certain scenarios. This highlights how quickly the sector is scaling and how closely it is tied to national energy systems.
Energy Markets Are Now Key to Bitcoin’s Future
Looking ahead, the connection between Bitcoin and energy is expected to grow stronger. The network’s computing power, or hash rate, continues to reach new highs, which typically leads to higher energy use.
Electricity will remain the main cost for miners. This means Bitcoin will continue to respond to changes in energy prices and supply conditions. At the same time, governments are starting to pay closer attention to crypto’s environmental impact, which could shape future regulations.

Some forecasts suggest Bitcoin’s energy use could rise sharply if adoption increases, potentially reaching up to 400 TWh in extreme scenarios. However, cleaner energy systems could reduce the carbon impact over time.
Bitcoin is no longer just a financial asset. It is also a large-scale energy consumer and a growing part of the global power system.
As a result, understanding Bitcoin now requires a broader view. Energy prices, electricity markets, and carbon trends are becoming just as important as market demand and investor sentiment.
The message is clear. As energy markets move, Bitcoin is likely to move with them.
The post Bitcoin Falls as Energy Prices Rise: Why Crypto Is Now an Energy Market Story appeared first on Carbon Credits.
Carbon Footprint
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