PATHWAYS TO NET ZERO MINING:
NOT EXACTLY A CLEAR WAY AHEAD
B
y now, most mining companies, and certainly all of the majors, have announced targets to achieve net zero emissions. The majority plan to meet this objective by 2050, with some exceptions (Australia’s Fortescue is aiming for 2040, while China Shenhua Energy has a 2060 deadline).
These targets come with detailed plans to reduce emissions from mines’ own operations (Scope 1), as well as energy use (Scope 2) and parts of supply chains (Scope 3), and the roadmap generally features interim objectives set for 2030 or even 2025. This means the sector is getting closer to having to show actual results in its pursuit of decarbonization – yet obstacles remain that could jeopardize the achievement of short and long-term targets.
RENEWABLE ENERGY CAPACITY Almost all [off-grid] miners plan to switch from fossil fuels to renewables-based energy to power their operations. Along with improving energy efficiency, this is the best way to tackle Scope 2 emissions, which can represent anywhere from 5% of emissions for coal miners to almost half for gold miners.
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