Top gold miner Newmont has pledged to reduce its greenhouse gas (GHG) emissions by 30% in the next decade and has said it will aim to achieve net zero carbon emissions by 2050.
Scope 3 emissions – those generated by its joint venture assets and supply chain – will be reduced by 15% by 2030.
The new 2030 target builds upon the group’s existing GHG emissions reductions target of 16.5% over five years, concluding in 2020.
Mining and metal companies are under pressure from investors to tackle climate change and several of the world's most carbon-intensive firms have adopted climate targets. Global major BHP, for instance, is also chasing a long-term goal of achieving net zero operational (Scope 1 and 2) emissions by 2050.
Announcing Newmont's targets on Thursday, CEO Tom Palmer said that the group was serious about tackling climate change.
“We fundamentally understand the human contribution to climate change and understand we reap what we sow. It is our responsibility to take care of the resources provided to us.
“We take these climate change commitments seriously, and make them because our relationship with the planet is absolute. We want a world that is not just sustainable, but thriving for generations to come," he said.
The US-based group, which mines in Africa, Australia, North and South America, would implement a new energy and climate investment standard, which would be combined with its existing investment standards to inform capital investment processes.
The new investment standard, Newmont said, would embed 2030 reduction targets into investment decisions for projects such as fleet vehicles, production equipment, on-site renewable power generation and energy efficiency.
Mining is an energy-intensive business, with 88% of Newmont’s energy used for mining and milling generated from carbon-based fuels.
To ensure that it achieves its targets, Newmont would be reporting through The Climate-Related Financial Disclosures (TCFD) guidelines. In 2021, the company would issue its first annual TCFD report, detailing its governance, strategy and portfolio resilience to a range of climate scenarios.
The TCFD report would also track the yearly progress toward implementing its 2030 strategy, meeting its 2030 targets and executing emissions reduction projects across its global portfolio.