DENVER — Newmont Corp. launched its inaugural Climate Strategy Report on June 23, outlining the mining company’s climate-related risks and opportunities, strategic planning, and pathways to achieving Newmont’s climate targets. The report also identifies the technology necessary to transition to a low-carbon economy.
“It is our firm belief that climate change is one of the greatest challenges of our time and that Newmont must be a catalyst for change. It is our responsibility to operate our business in a sustainable way in order to generate long-term value whilst mitigating climate change’s effect on our operations. We continue to hold ourselves to high standards of performance while continuing our commitment to transparent reporting,” said Newmont President and CEO Tom Palmer. “Today we send a clear signal that Newmont has moved beyond managing climate change as a sustainability issue to incorporating these risks and opportunities into our business strategy and business planning process.”
Highlights of Newmont’s Climate Strategy Report:
2030 greenhouse emissions targets approved by the Science Based Target initiative (SBTi): To meet SBTi’s criteria in line with climate science, Newmont’s 2030 targets are set at 32 percent reduction for Scope 1 and Scope 2 emissions and 30 percent reduction for Scope 3 emissions, supporting the Paris Agreement. Newmont is one of only two gold mining companies globally and one of 12 companies on the S&P 500 to have climate targets approved by SBTi.
Climate scenario analysis: Newmont developed three scenarios – considering both transitional and physical climate risks – to understand the potential impacts to its business, strategies and long-term financial resiliency. The scenarios include business as usual; planned energy transition during the 2020s; and delayed response to post-2030.
Pathways to achieving 2030 targets and the 2050 ultimate goal of being carbon neutral: Includes projects necessary to achieve Scope 1 and 2 emissions reduction targets, including investing in energy optimization and power supply conversion. Additionally, the report details the collaboration and partnerships necessary to achieve the company’s Scope 3 emissions reduction target and the measures necessary to enhance climate change resiliency.
Newmont’s Carbon Reduction Fund (Fund): In 2020, Newmont committed $500 million to support its climate targets. Over the next five years, the fund will support implementation of technologies, emissions reduction projects and other climate change initiatives as part of Newmont’s pathway to achieving the company’s 2030 targets, a foundation for the company’s 2050 ultimate goal of being carbon neutral.
“Newmont’s Climate Strategy Report continues to demonstrate the company’s commitment to transparency, reporting on its most material sustainability issues,” the company said in a statement.
Newmont is the world’s top gold producer, and also mines copper, silver, zinc and lead. Established in 1921, the company has operations in Africa, Australia, South America and North America, including the Cripple Creek & Victor gold mine in Colorado and 38.5 percent ownership in Nevada Gold Mines in Nevada.