The world’s largest diversified resources company made the announcement as part of its revised climate change strategy, released today.

BHP said the $300 million would be spent developing low emissions technology, internal excellence projects and encourage emissions abatement by employees and local communities.

The four-pronged policy also included new targets to reduce the company’s energy and greenhouse intensity by a further 13% and 6%, respectively, by 2012.

The new targets build on BHP’s previous efforts, including a 12% improvement its greenhouse intensity between 1996 and 2000.

“We are on track to exceed our current target of a further 5 percent improvement by the end of this financial year,” BHP chief executive Chip Goodyear said.

“We have also contributed significantly to research and development in clean coal technologies, including geosequestration, and have implemented several related programs across the business.”

BHP said it believed action was required to stabilise greenhouse gas concentrations in the atmosphere at levels guided by the research of the Intergovernmental Panel on Climate Change.

“As a leader in the natural resources industry we have an important role in meeting the world’s growing energy and resources needs,” Goodyear said.

“At the same time, we have an equally important role in minimising the impact of our activities on the global environment and supporting our customers’ efforts to do the same.”

BHP sustainable development vice-president Ian Wood said the company would have exceeded its target of 5% improvement in greenhouse-intensive operations by the end of the month but its expansion had increased emission levels.

BHP emitted 51 million tonnes of greenhouse gases for 2005-06 and would deliver a similar result for 2006-07, despite continued growth and investment, he said.