Gold mining giant Newmont Corporation has committed to a 30% reduction in greenhouse gas emissions (GHG) by 2030, and the ambition to achieve ‘net-zero’ carbon emissions by 2050.
These targets come on top of Newmont’s existing program to cut GHG emissions by 16.5% over the five years ended 2020.
The company intends to incorporate climate and energy factors into its investment process to ensure that projects such as fleet vehicles, production equipment, onsite renewable power generation, and energy efficiency enable achievement of the 2030 reduction target. This action will primarily address Scope 1 and 2 emissions.
Regarding Scope 3 emissions, Newmont will engage with relevant parties to ensure that joint venture operations’ and supply chain-related emissions align with its norms.
Newmont’s “science-based” targets for the next decade are as follows:
- Scope 1 and 2 – A 30% reduction each in combined emissions and combined emissions intensity
- Scope 3 – A 15% reduction in emissions
- 10% replacement of fossil fuel-based electricity generation with renewables-based sources
“We take these climate change commitments seriously, and make them because our relationship with the planet is absolute,” said Tom Palmer, President and CEO.
Newmont will issue its first annual report under The Climate-Related Financial Disclosures (TCFD) guidelines in 2021. The report will track the annual progress towards its 2030 strategy.
Read the Newmont news release HERE.
Image Source: Newmont