The operations of mining and metals companies involve energy-intensive processes and, as a result, generate greenhouse gas emissions. To assess how these companies are adapting to the new global environment, which calls for a smaller carbon footprint, the analytics firm BloombergNEF conducted an evaluation of the business model transitions of the 53 largest companies in this sector worldwide.

The assessment measured the risks each company faces due to its current emissions profile and how they are preparing their businesses for deep decarbonization, taking into account, for example, the adoption of renewable energy as a power source and the integration of climate change into management decision-making processes.

The list of the 10 companies with the highest scores is dominated by European firms. There are three exceptions, one of which is Chilean: Codelco. The state-owned mining company ranks third on the list. The other non-European firms are India’s Tata Steel and Australia’s BHP.

The evaluation uses a scale of 1 to 10 and breaks down the contribution of each factor to the final result. Codelco ranks third, with a score of 6.64.