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2030 Commitments
To effectively integrate sustainability into our business management practices, we have established a set of commitments that inform our investment priorities and decision-making.
These short, medium, and long-term goals are supported by structured governance, budgeting, and management practices, all aimed at leaving a positive legacy for both society and the environment.
They also align with significant global challenges, including the Sustainable Development Goals (SDGs) as part of the 2030 Agenda and the principles of the United Nations Global Compact.
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Progress on our long-term commitments
We have aligned our long-term goals with the United Nations’ 2030 Agenda for Sustainable Development (SDGs).
Each of these goals and our progress to date are detailed below. For further details about our approach and key supporting initiatives, please see the relevant pages on this portal.
Each of these goals and our progress to date are detailed below. For further details about our approach and key supporting initiatives, please see the relevant pages on this portal.
| SDGs | Vale Goals | Baseline | Target | Status in 2022 (cumulative result) |
|---|---|---|---|---|
|
|
Climate
change |
Baseline 2017: 12,2 MtCO2e
|
Reduce Scopes 1 and 2 absolute greenhouse gas (GHG)
emissions by 33% by 2030. Achieve net zero Scopes 1 and 2 emissions by 2050. |
27% reduction.
|
|
|
Climate
change |
Baseline 2018: 553,1 MtCO2e
|
Reduce Scope 3 net emissions by 15% by 2035.
|
|
|
|
Energy
|
Baseline 2017:
Global: 79% renewable energy consumption. |
Global: 100% renewable electricity consumption by 2030
|
|
|
|
Energy
|
Baseline 2017:
Brazil: 83% renewable energy consumption. |
99,95% of consumption, with 99.80% assured by renewable certification.
|
|
|
|
Energy
|
Improve the global energy efficiency indicator by 5% by 2030.
|
||
|
|
Forests
|
Baseline 2020:
|
Recover and protect over 500,000 ha of forest areas beyond company fencelines.
|
172,484 hectares (including 165,092 ha in protection and 7,392 ha in restoration).
|
|
|
Evolution of
ESG practices |
Baseline 2019:
|
Eliminate key ESG gaps in relation to best practices – 63 gaps mapped.
|
Closure of three more gaps, bringing the total to 57 completed.
|
|
|
Social Ambition
|
Baseline 2021:
|
Rank in the TOP 3 in the social requirements of the major external indices and ratings.
|
We have evolved in the ratings of the main external indices and ratings (MSCI, Sustainalytics, and DJSI)
|
|
|
Social Ambition
|
Baseline 2021:
|
In 2022, we have defined the methodology for action and planning of actions for the coming years. In 2023, we aim start concept tests to benefit 30 thousand people.
|
|
|
|
Social Ambition
|
Baseline 2021:
|
Support all indigenous communities neighboring Vale’s operations in the development and execution of their plans and their pursuit of rights under the United Nations Declaration on the Rights of Indigenous Peoples.
|
We formalized the commitment with the Kayapó people for the advancement
of the Consultation Protocol of the Kayapó Indigenous Lands, which will contribute to their right to Free, Prior and Informed Consultation. The formulation of the protocol began in December 2022. |
|
|
Atmospheric
emissions |
Baseline 2018:
Particulate Matter: 7.4 kt Sulfur Oxides: 147.4 kt Nitrogen Oxides: 74.1 kt |
Reduce Particulate Matter emissions by 16%.
|
4.2 kt
|
|
|
Atmospheric
emissions |
Baseline 2018:
Particulate Matter: 7.4 kt Sulfur Oxides: 147.4 kt Nitrogen Oxides: 74.1 kt |
Reduce Sulfur Oxide emissions by 16%.
|
75,7 kt
|
|
|
Atmospheric
emissions |
Baseline 2018: Particulate Matter: 7.4 kt
Sulfur Oxides: 147.4 kt Nitrogen Oxides: 74.1 kt |
Reduce Nitrogen Oxide emissions by 10%.
|
44,7 kt
|
|
|
Diversity,
equity and inclusion (DEI) |
Baseline 2019: Women
in the workforce: 13% |
Increase the presence of women in the workforce to 26% by 2025.
|
22.1% women.
|
|
|
Diversity,
equity and inclusion (DEI) |
Baseline 2019: Women
in senior leadership: 12% |
Increase the presence of women in senior leadership (executive management positions and above) to 26% by 2025.
|
22.6% women.
|
|
|
Diversity,
equity and inclusion (DEI) |
Baseline 2021:
Black leadership |
Reach 40% of the leadership1 in Brazil made up of black people by 2026.
|
|
|
|
Health
and safety |
Baseline 2019:
57 N2 registered |
Eliminate recordable high-potential (N2) injuries by 2025
|
13 N2 registrados (redução de 55% em relação a 2021).
|
|
|
Health
and safety |
Baseline 2019:
23 registered exposures |
Reduce by 50% the number of exposures to health hazards in the workplace by 2025
|
13.0 registered exposures.
|
|
|
Dams
|
|
No tailings dams in critical safety condition (emergency level 3) 2 by 2025.
|
We removed one emergency level 3 tailings dam in 2022: B3/B4 dam (Nova Lima/Minas Gerais).
|
|
|
Dams
|
|
Implementation of the GISTM in operations:
• 90% conformance in 2022; • 100% conformance for tailings storage structures of ‘extreme’ or very ‘high consequence’ by 2023; and 100% conformance for other structures in 2025. |
Approximately 90% conformance to GISTM requirements.
|
|
|
Dams
|
|
Decharacterize all dams built in the upstream heightening method by 2035, in Brazil.
|
5 structures decharacterized in 2022
(12 since 2019). |
EXPLANATORY NOTE
Base year 2017 Scopes 1 and 2 emissions reduced from 13.5 million tonnes of CO2 e to 12.2 million CO2 e due to divestments in coal and ferroalloys assets, amanganese operations (except Simões Filho plant), in addition to the Centro-Oeste system and Vale Nickel (Dalian) Co., carried out in 2022. GRI 2-4
EXPLANATORY NOTE
Scope 3 emissions for the base year of 2018 reduced from 585 million tons of CO2 e to 553 million CO2 e, due to the same divestments described in the previous note. GRI 2-4
EXPLANATORY NOTE
Absolute greenhouse gas (GHG) emissions reductions from scopes 1 and 2 (market based).
EXPLANATORY NOTE
An increase in Vale’s Scope 3 emissions is expected from sales volume growth due to the likelihood of increased demand for our products
EXPLANATORY NOTE
In 2021, the method for monitoring the renewable electricity target in Brazil was changed from % renewable self-production to % renewable consumption.
EXPLANATORY NOTE
The percentage of renewable electricity varies from year to year depending on consumption, the volume of certificates obtained, and the electricity generation matrix of each country in which we operate.
EXPLANATORY NOTE
In this indicator, the production volumes of Vale’s main products, such as pellets, coal, nickel and copper, are converted into ton of iron ore equivalent.
Until 2021, the Energy Intensity indicator considered the main energy sources in Vale’s matrix (coal/coke, fuel oil, natural gas and diesel). After 2022, this indicator will consider the sum of all energy consumption within the organization divided by the published production for the year, transformed into MFe-eq. In addition, divestments concluded in 2022 were also reflected in the 2017 target baseline. GRI 2-4
Until 2021, the Energy Intensity indicator considered the main energy sources in Vale’s matrix (coal/coke, fuel oil, natural gas and diesel). After 2022, this indicator will consider the sum of all energy consumption within the organization divided by the published production for the year, transformed into MFe-eq. In addition, divestments concluded in 2022 were also reflected in the 2017 target baseline. GRI 2-4
EXPLANATORY NOTE
People living on less than USD 2.15 a day, according to the World Bank.
EXPLANATORY NOTE
Consider coordinators and above. Does not consider coordinators.
EXPLANATORY NOTE
The emergency level it is a category established by Brazilian legislation (ANM 95/2022) to classify potential risks that could compromise dam safety.
EXPLANATORY NOTE
The term “decharacterization”, according to Brazilian legislation, means functionally reintegrating the structure and its contents into the environment, so that the structure no longer serves its primary purpose of acting as a tailings containment.
Progress on ESG Gap Action Plan
Vale has reviewed and analyzed the underlying methodologies used by the leading providers of ESG disclosures and has identified a number of gaps from best practice. Based on this review, we have developed an action plan describing these gaps and establishing initiatives to align our management approach and processes with best practices as recognized in our industry and by society.
It It is important to note that the C-level is fully engaged in the initiative, as the ESG action plan to close these gaps has become one of our 2030 commitments and is part of the long-term compensation of executives.
It It is important to note that the C-level is fully engaged in the initiative, as the ESG action plan to close these gaps has become one of our 2030 commitments and is part of the long-term compensation of executives.
By the end of 2022, we have closed 57 of the 63 mapped gaps, or 90% of the action plan. This has resulted in significant improvements within the company, including:
- Enhanced transparency around executive compensation and performance targets;
- Corporate governance improvements including a newly introduced Audit and Nomination Committee and amendments to our bylaws aimed at enhancing the efficiency and independence of the Board of Directors;
- Strengthened management processes and alignment with best practices, including implementation of specific policies on dam management, water resources, waste, and the Vale Management Model (VPS);
- Climate change scenario modeling to further refine our climate strategy;
- Proactive engagement with communities in support of our goal to build long-term relationships and leave a legacy for society, and our social ambition to support the development of self-sufficient communities that are actively engaged around issues relevant to humanity and embrace responsible mining.
In addition, our gaps are continually reassessed based on investor feedback and new reports from key ESG stakeholders to evolve our commitments. In the coming years, we will continue to increase this level of engagement and strive for improvement.
90%
gaps closed by 2022
See below our progress to date and key underlying initiatives.
Continued progress on implementing best practices is also reflected in our ESG index and rating performance:
| Agency | Focus | Previous rating | Current rating (2022) |
|---|---|---|---|
|
MSCI
|
General ESG
|
CCC
|
B
|
|
General ESG
|
39.1
|
34.4
|
|
|
Governance
|
6
|
1
|
|
|
ISS Corporate Rating
|
General ESG
|
C*
|
C+
|
|
Moody's
|
General ESG
|
CIS-4 / Highly Negative
|
CIS-2 / Neutral to Low
|
|
Dow Jones Sustainability Index (DJSI)
|
General ESG
|
63
|
69
|
|
CA100+
|
Climate Change
|
2
|
1
|
|
CDP - Climate Change
|
Climate Change
|
A -
|
A -
|
|
CDP - Water Security
|
Water Resources
|
B
|
B
|
EXPLANATORY NOTE
Updated as of June 2023.
EXPLANATORY NOTE
Updated as of July 2023.
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