Newcrest has become the latest miner to announce a target of reaching net-zero carbon emissions by 2050.
The Melbourne-based firm said the goal relates to its operational Scope 1 and 2 emissions, but it will also continue to work across its value chain to reduce Scope 3 emissions.
Newcrest’s recently announced company purpose is aiming to “create a brighter future for people through safe and responsible mining” and underpins its commitment to help limit the impacts of climate change and reduce its greenhouse gas (GHG) emissions.
“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,” said Newcrest managing director and CEO Sandeep Biswas.
“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.”
Alongside its net-zero carbon emissions goal, Newcrest is aiming to cut its GHG emissions by 30% by 2030
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.
It said this policy continues to guide the company in building a sustainable, resilient business that 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 and claims to have so far recorded significant progress.
It has developed GHG management plans for each operating site to understand the abatement opportunities and achievement of the actions detailed in the plans are directly linked to senior executive incentive payments.
Newcrest’s GHG emissions are now measured across the company’s full value chain. It has also secured renewable sources of energy, in this case, wind power, for more than 40% of the projected energy requirements at the Cadia gold mine in New South Wales from 2024 once a wind farm has been built in the area.
The miner also claims assessment of the impact on its business of the transition under selected climate change scenarios, in line with the Paris Agreement goals, is “well advanced”.
