Newcrest targets net zero carbon emissions by 2050
Newcrest Mining has announced its new 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” underpins its commitment to take on the challenge of climate change and reduce its greenhouse gas (GHG) emissions.
Newcrest Managing Director and CEO, Sandeep Biswas, commented: “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 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(1) 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 commitment to innovation on the quest for net zero has seen its efforts with its automated online crowdsourcing platform (developed in partnership with Unearthed) recognised with the METS Ignited Collaboration Award 2018 at the International Mining and Resources Conference (IMARC). To learn more about the company' approach to change and digital transformation read our interview with former Head of Change, Friska Wirya, here.
How BHP is addressing climate change
The materials BHP provides are central to modern life and the company is constantly evolving its approach to continue to deliver them sustainably into the future.
BHP is tackling climate change
BHP has laid out a comprehensive series of metrics, targets and goals...
"We have committed to holding management to account through a direct linkage of climate-related targets and goals to executive remuneration. And we have affirmed our commitment to advocate for public policy in pursuit of global decarbonisation.
"We will remain alert to technological, political and societal developments that may indicate changes to our signposts and the development of new uncertainties for our portfolio analysis. We will continue to monitor developments and review our approach as necessary, to respond to evolving approaches to climate change and climate-related disclosures."
Fiona Wild, Vice President, Sustainability and Climate Change
Fiona leads the design and implementation of our global climate change strategy, including activities in the areas of mitigation, adaptation, portfolio evaluation, stakeholder engagement and low emissions technology.
BHP's purpose and strategy
"Our iron ore and metallurgical coal create the steel that builds cities and makes renewable energy infrastructure possible; our copper is needed for electrical appliances and wind turbines; our oil powers mobility; our natural gas and energy coal provide energy and heat; and our nickel enables the development of storage solutions for intermittent wind and solar power. And looking to the future, potash has the potential to support more efficient and sustainable agriculture by making crops more productive.
In 2020, BHP published its Climate Change Report 2020, a special publication designed for a more detailed discussion of our approach to identifying and managing climate-related risks and opportunities, which aligns with the Task Force on Climate-related Financial Disclosures (TCFD) recommendations. It outlines its successes, learnings and plans for future initiatives.