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Top mining firms risking $16 billion in climate costs, CDP says

Top mining firms risking $16 billion in climate costs, CDP says
July 23
19:10 2017

Photo credit: Strip coal mining. Planet Geography, cc-by-2.5.

The mining sector isn’t preparing for the transition to a low-carbon economy quickly enough, according to a new report from CDP. While miners are spending 45% of their capital expenditure on commodities like copper and nickel that stand to benefit from the rise of clean energy technology, the industry is still spending more than a quarter on oil, gas, and other fossil fuels. The report cautions that a quarter of mining production will be vulnerable to climate-related threats such as water shortages by 2030.

“The mining sector must take stock and not risk being left behind in the global transition towards a low-carbon economy,” CDP chief executive Paul Simpson said. “Miners depend on continuing demand for the commodities they supply and the countries consuming the most commodities are making drastic changes in addressing climate change.”

The industry may also be affected by potential carbon regulations on downstream customers, whose emissions are 10 times higher on average than miners’ own operational emissions.

The analysis, which released on July 20, ranks the top 12 miners on a host of indicators. Read more at Edie.net.



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Kate Dougherty

Kate Dougherty

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