Canadian gold mining company Iamgold has committed to not only achieving net negative greenhouse gas (GHG) emissions, but also net positive biodiversity, wherein the company will create more habitat than it disturbs.
“In our view, reversing the effects of climate change does not mean stabilising emissions; it demands that we reduce the total volume of greenhouse gases going into the atmosphere and the world's oceans year over year. We know that we are losing habitat at an unsustainable pace,” president and CEO Gordon Stothart said on Monday.
The gold miner would achieve its biodiversity target through investments in nature-based solutions that further biodiversity objectives and act as carbon sinks. Opportunities would be pursued at operating sites, as well as regionally and globally.
Regarding emissions reductions, Iamgold announced that it would seek to reduce its emissions to “as close to zero as possible” by no later than 2050. Its initial focus would be on the reduction of Scope 1 and Scope 2 emissions, with a focus on reducing emissions from heavy and light vehicle fleets, as well as power generation and supply.
Commitments would be updated in 2025 to incorporate targets for Scope 3 emissions in 2025.
“Absolute reductions form a critically important part of Iamgold’s strategy in actively combating climate change, with investments in nature-based carbon offset projects supporting greenhouse gas removals,” Stothart said, stating that Iamgold initiatives on reductions and removals would be advanced in parallel.
The company would announce medium-term targets on reductions and removals by the end of next year.