MAJOR MINERS FALLING SHORT OF PARIS CLIMATE GOALS
Though some are making progress, most of the world’s ten largest mining companies are not on a path to hit the Paris Climate Agreement target of net zero carbon emissions by 2050. This is based on new research by the Transition Pathway Initiative, a global initiative led by asset owners and asset managers that assesses companies’ preparedness for the transition to a low-carbon economy.
According to a discussion paper released just this month, only two of the ten largest diversified mining companies by market capitalization, Freeport and Grupo Mexico, are on track to hit their 2050 goals. Two others, Glencore and Anglo American, are performing well today but not reducing emissions significantly enough to remain aligned with Paris benchmarks after about 2030.
“The sector has made significant progress over the last six months,” says Adam Matthews, Co-Chair of the Transition Pathway Initiative. “Several companies … have announced new, more ambitious emissions targets … but without further action are due to become unaligned with the goals of the Paris Climate Agreement.”
To assess the diversified mining sector’s Carbon Performance, TPI calculates the emissions intensity of each firm and compares these against sector benchmarks which reflect international climate targets. The emissions intensity of operations varies widely by natural resource, location, and extraction method. To compare companies with diverse portfolios, TPI uses a “copper equivalent,” defined as the weight of copper that has a revenue equal to that of the commodity in question. The results of their study are shown in the adjacent chart. 2019.
“The sector has made significant progress … but without further action [companies] are due to become unaligned with the goals of the Paris Climate Agreement.”
Co-Chair of the Transition Pathway Initiative
COVID 19 TAKES ITS TOLL ON MINE PRODUCTION
The coronavirus pandemic has forced governments across the globe to shut down many non-essential businesses, including many mining operations. According to the latest report from GlobalData (via Kitco News), temporary shutdowns had affected more than 1,600 mines across 32 countries as of April 3. In addition to temporary shutdowns, some working mines were functioning at reduced capacity.
In terms of impact on various commodities, silver was hit the most, with an equivalent of 65.8% of yearly global silver production on hold as of April 27. In comparison, 32% of uranium production, 23.8% of zinc, 19.5% platinum, 14.6% of nickel, 14.4% of diamonds, and 12.7% of copper, 12% of lead, 10% of manganese, and 9% of gold were suspended. Read more
8 LEADING EDGE RENEWABLE PROJECTS IN AUSTRALIA
Australian mining is investing increasingly heavily in renewable power for both economic and environmental reasons, according to a recent article in Mining Technology.
Australia has lofty targets to reduce its emissions to 26% lower than 2005 levels by 2030, and 5% below 2000 levels by 2020, based on agreements signed in Paris and Copenhagen respectively, but is on track to miss both goals unless it takes drastic action to improve its environmental performance, according to Climate Action Tracker.
With the industry under greater pressure than ever to reduce its environmental footprint, MT looks at eight projects leading the way.
- Granny Smith gold mine – Laverton, Western Australia
- Gold Fields’ Granny Smith
- Degrussa copper and gold mine – Doolgunna Station, Western Australia
- Cannington silver and lead mine – McKinlay, Queensland
- Mount Cattlin lithium mine – Ravensthorpe, Western Australia
- Port Gregory garnet mine – Northampton Shire, Western Australia
- Mount Lyell copper mine – Queenstown, Tasmania
- Boonanarring mineral plant – Gingin Shire, Western Australia
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