Newcrest Mining Ltd is the latest major miner to set a goal of net zero carbon emissions by 2050. This goal relates to its operational (Scope 1 and Scope 2) emissions, though Newcrest will also continue to work across its value chain to reduce Scope 3 emissions. Newcrest’s recently announced Company Purpose “To create a brighter future for people through safe and responsible mining” it says underpins its commitment to take on the challenge of climate change and reduce its greenhouse gas (GHG) emissions.
Newcrest Managing Director and Chief Executive Officer, Sandeep Biswas, said: “Given our experience with identifying and applying innovative technologies, Newcrest has the potential to be at the forefront of meeting the challenge of net zero carbon emissions by 2050. As an industry more broadly, we have the ingenuity, technology and capability to take on this challenge and reduce our carbon footprint. We are seeing the rapid evolution of a range of new technologies that will help reduce emissions going forward and Newcrest is well positioned to leverage this technology as the world moves towards a zero-carbon future.”
In June 2019, Newcrest released its Climate Change Policy which outlined its commitment to the sustainable discovery, development and production of gold and copper, together with plans to identify, assess and report its responses to climate change challenges. This policy it says continues to guide the company in building “a sustainable, resilient business which will thrive in a low carbon future.”
Newcrest also set a target in June 2019 to reduce its GHG emissions intensity by 30% by 2030 with significant progress to date including:
- GHG Management Plans developed for each operating site to understand the abatement opportunities
- Achievement of the actions detailed in these plans directly linked to senior executive incentive payments
- GHG emissions now measured across Newcrest’s full value chain
- Securing renewable sources of energy, in this case wind, for more than 40% of the projected energy requirements at Cadia from 2024 once this wind farm has been built
- Assessment of the impact on Newcrest’s business of the transition under selected climate change scenarios, in line with the Paris Agreement goals, is well advanced
Newcrest’s energy and emissions performance is reported in its Sustainability Reports and we support the Taskforce on Climate-Related Financial Disclosure (TCFD) recommendations for reporting climate change risks and opportunities.