Mining major, Newmont Corporation, has updated its “Accelerated Response” scenario which includes an emissions trajectory consistent with limiting global warming to 1.5o C, in accordance with the IEA’s World Net Zero Emissions by 2050 scenario.
This newly updated climate scenario analysis, provides a platform to understand the risks associated with climate change on its business, strategies and financial resilience, the company noted. Captured in its Climate report, this is in line with the Recommendations of the Task Force on Climate-related Financial Disclosures (TCFD).
The report outlines how Newmont understands and is addressing climate change— from reducing its greenhouse gas emissions, to managing risks, to enhancing resilience within the Company and neighboring communities.
In terms of pathways to achieving 2030 reduction targets and the Company’s 2050 goal to be carbon neutral, Newmont has set absolute and intensity-based targets with a reduction of 32 per cent for Scope 1 and 2 emissions and 30 per cent for Scope 3 emissions by 2030, with the ultimate goal to be carbon neutral by 2050. In 2021, the company’s 2030 targets were reviewed and validated by the Science Based Targets Initiative (SBTi).
Pathways for Achieving Climate Targets
The Company’s 2021 Climate Report provides pathways for achieving the above targets, including potential investments into renewable energy projects and converting power purchase agreements to reduce emissions by more than one million tons of carbon per year. The report further examines the technology focus partnerships necessary to help us achieve our 2050 goal.
Newmont President and CEO Tom Palmer said:
“Climate change, and its impact on our world, continues to be one of the greatest global challenges. It is our responsibility to work alongside government, investors and communities to effect change.
“Newmont is addressing these challenges by setting science-based emissions reduction targets and leveraging our size, scale and resources to build strategic alliances to develop future technologies. We are driven by our commitment to our purpose — to create value and improve lives through sustainable and responsible mining.”
Tom Palmer
Newmont’s goal to be carbon neutral by 2050 is supported by a combination of the company’s long-life portfolio of gold and copper projects with expected economic, technological and policy improvements.
“We will also work concurrently to decarbonize our existing operations, develop and adopt low-carbon technologies, and reconceptualize our greenfield and brownfield project pipeline as carbon neutral.”
Tom Palmer
Newmont’s Alliance with Caterpillar Inc.
As part of its climate strategy, Newmont Corporation announced a strategic alliance with Caterpillar Inc., both leaders in their respective fields with the focus on creating a fully connected, automated, zero carbon-emitting, end-to-end mining system.
The collaboration will help make our mines safer and more productive while also supporting Newmont in reaching our greenhouse gas (GHG) reduction targets for 2030 and 2050.
By leveraging its combined expertise and scale, Newmont and Caterpillar will develop electric mining solutions, from concept to completion that will fundamentally change “our industry by showing the practicality and potential of zero emissions mining,” the company stated.
Already, as part of its commitment to the alliance, Newmont has committed an initial investment of $100 million to have this technology at its open pit and underground mines.
“The first goal is to introduce an automated haulage fleet of up to 16 vehicles at our Cripple Creek & Victor mine in Colorado; later, vehicles in the fleet will be fully electrified. Caterpillar will introduce its first battery electric zero-emissions underground truck at our Tanami mine in Northern Territory, Australia.”
Climate Report
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