Orica's pledge is to cut its so-called scope 1 and scope 2 emissions, which are its own direct greenhouse gas emissions from its operations. The bulk of these emissions occur during the manufacture of ammonium nitrate in Australia, a key ingredient in explosives.
Orica is the world's biggest supplier of explosives and blasting systems to the mining and quarrying industries, and is a major supplier to heavyweights like BHP and Rio.
"I haven't seen to be honest, a large company (make) such a pledge, that is not a wish-list but something that has concrete plans behind it," Mr Calderon told The Age and The Sydney Morning Herald.
"We are already in motion with the investments, we have the detailed plans, we know what we need to do to reduce our emissions by more than 40 per cent during the next nine years. I'm proud that we're doing that," he said.
Mr Calderon said the cost would be dozens of millions of dollars but well under $100 million, and expects that the costs would be in future be offset by carbon credits.