Investor update – The coal giant has a medium-term emission reduction target to a 50% reduction by 2035 on 2019 levels and introduced a new short-term target of a 15% reduction by 2026 on 2019 levels. It plans a “responsible decline” of the coal portfolio and 12 mine closures by 2035. Net debt is around a $10bn cap and the ceiling is $16bn, indicating space for using debt for acquisitions.