World Gold Council (WGC) CFO Terry Heymann says the organisation is encouraged by the commitments made by International Council on Mining and Metals (ICMM) members to achieve net-zero Scope 1 and 2 greenhouse-gas (GHG) emissions by 2050 or sooner.

The ICMM on October 5 published a statement setting out its position on climate change and reasserting its commitment to mining industry decarbonisation in line with the goals of the Paris Agreement.

The WGC, which is a member association of the ICMM, says it shares the vision of mining operations accelerating climate actions to reduce GHG emissions.

“The WGC is very supportive of the objectives and commitments expressed in this letter. As both a member of the ICMM, and as an organisation committed to ensuring progress on gold’s contribution to the decarbonisation of the global economy, we are encouraged by such a firm commitment to collective efforts across the mining sector to reduce emissions and better manage the industry’s climate impacts,” says Heymann.

The WGC further notes that, while the ICMM acknowledges that different companies and mineral sectors will be at different stages on their respective pathways to decarbonisation, its statement offers a clear indication of the collective will and ongoing efforts across the industry to move towards a net zero carbon economy in a clear and consistent manner.

The WGC's member companies, some of which are also members of the ICMM, recently also committed to reporting their progress on managing climate-related risks, in line with the recommendation of the Task Force on Climate-related Financial Disclosures.

"And while a number of our member companies have already made net-zero commitments, we recognise that, for many mining companies, they first need to better understand their potential pathway before they are in a position to commit.

"Critical to this is defining and implementing more immediate emissions reduction targets, which will underpin future decarbonisation commitments," the gold industry body states.

Gold miners Barrick Gold, Gold Fields, AngloGold Ashanti and PJSC Polyus on October 5 also expressed their endorsement of the ICMM members' collective commitment to achieve net-zero emissions.