Climate Policy Engagement Analysis
Climate Lobbying Overview: Hudbay has supported some Canadian climate policies, like mandatory carbon reporting, while being unsupportive of others, such as the Canadian Clean Fuel Standard. Meanwhile, its position on the energy transition is unclear.
Top-line Messaging on Climate Policy: Hudbay’s top-line messaging on climate policy is limited. In its 2022 Sustainability report, published June 2023, Hudbay CFO Eugene Lei appeared to recognize the need to reduce greenhouse gas emissions to combat climate change, however it is unclear if this is in line with achieving net-zero by 2050. In the same report, the company also appeared to support the goals of the Paris Agreement.
Engagement with Climate-Related Regulations: Hudbay appears not to have supported climate-related policy in recent years. Hudbay supported mandatory carbon reporting in Canada in its 2019-2021 CDP responses. However, in its 2019-22 CDP responses, it supported the Canadian Clean Fuel Standard with major exceptions, which could undermine the climate-ambition of the policy. Meanwhile, in its 2018-2022 CDP responses, the company supported carbon taxation in Canada with “minor exceptions”, however it is unclear what these exceptions are.
Positioning on Energy Transition: Hudbay’s engagement on the energy transition is limited to top-line statements, however in most of its engagements it is unclear if the company supports the energy transition in line with IPCC guidance. For example, in its 2023 Integrated Annual Report, published June 2024, the company recognized the role of critical minerals in energy transition technologies, but it was unclear if the company supported the energy transition in line with IPCC recommendations. In a February 2023 Tweet, the company also appeared to support meeting “decarbonization goals” by increasing copper supply for renewable energy production.
Industry Association Governance: Hudbay disclosed a list of its industry associations in its 2023 Integrated Annual Report, published June 2024. The company did not review each associations’ climate policy positions. Hudbay is a direct member of the Mining Association of Canada, which has engaged negatively on some Canadian climate policy, and the National Mining Association which engages negatively with key US climate policies.
InfluenceMap collects and assesses evidence of corporate climate policy engagement on a weekly basis, depending on the availability of information from each specific data source (for more information see our methodology). While this analysis flows through to the company’s scores each week, the summary above is updated periodically. This summary was last updated in Q4 2024.