Newmont has announced what, it says, are “industry-leading climate targets” to reduce its greenhouse gas (GHG) emissions by 30%, with an ultimate goal of achieving net zero carbon emissions by 2050.
The new 2030 target builds upon Newmont’s existing GHG emissions reductions target of 16.5% over five years, concluding in 2020.
“At Newmont, we hold ourselves to high standards – from the way in which we govern our business, to how we manage relationships with our stakeholders, to our environmental stewardship and safety practices,” Tom Palmer, President and CEO of Newmont, said. “We fundamentally understand the human contribution to climate change and understand we reap what we sow. It is our responsibility to take care of the resources provided to us.
“We take these climate change commitments seriously, and make them because our relationship with the planet is absolute. We want a world that is not just sustainable, but thriving for generations to come.”
Using science-based criteria, Newmont has set climate targets for 2021-2030 for its operating sites, including a renewable energy target. The science-based criteria align with Science-Based Targets Initiative criteria and assists Newmont in developing specific emissions reduction pathways and meeting the Paris Agreement objective of being well below 2°C global temperature change, the miner says.
To achieve these aims, the company will implement a new energy and climate investment standard, to be combined with its existing investment standards including shadow carbon pricing, in order to further inform its capital investment process, it said.
“This new investment standard will ensure that the 2030 reduction targets are embedded into investment decisions for projects such as fleet vehicles, production equipment, on-site renewable power generation and energy efficiency,” the company said. “Additionally, the company will engage its partners and joint ventures in an effort to align joint venture operations targets and supply chain related emissions with Newmont’s targets.”
Mining is an energy intensive business, with 88% of Newmont’s energy used for mining and milling generated from carbon-based fuels, it said. As the company looks to reduce emissions and move to a low carbon economy, it will use a strategic approach to portfolio development, energy sourcing, fleet and equipment investment, as well as land use planning to achieve its targets.
A key part of Newmont’s accountability in reaching these targets will be reporting via The Climate-Related Financial Disclosures (TCFD) guidelines. In 2021, the company will issue its first annual TCFD report. The TCFD report will detail Newmont’s governance, strategy and portfolio resilience to a range of climate scenarios. The TCFD report will also track Newmont’s annual progress toward implementing its 2030 strategy, meeting its 2030 targets and executing emissions reduction projects across its global portfolio.