Iamgold (TSX: IMG; NYSE: IAG) pledged this week that it will achieve net negative greenhouse gas (GHG) emissions no later than 2050. To reach that goal, the company has two separate global targets.
The first target relates to reductions in Scope 1 (direct) and Scope 2 (indirect-energy) emissions. Initial work will focus on defining specific options to address the largest sources – heavy and light vehicles, power generation, and supply – of emissions. The company’s commitments will be updated in 2025 to incorporate targets for Scope 3 (indirect-value chain) emissions.
The second target relates to removing existing GHGs from the atmosphere. Iamgold will achieve net positive biodiversity, meaning it will create more habitat for flora and fauna than it disturbs. The company will invest in nature-based solutions that further its biodiversity and act as carbon sinks at its operating mines, as well as globally.
“In our view, reversing the effects of climate change does not mean stabilizing emissions; it demands that we reduce the total volume of greenhouse gases going into the atmosphere and the world’s oceans year over year,” Iamgold CEO Gordon Stothart said in a media statement. “We believe that the mining industry must do its part to be a driver of habitat creation.”
By the end of 2022, Iamgold said it will complete an external verification of its emissions reporting, develop and announce medium term targets of reductions and removals, and publish a roadmap of how it intends to achieve the ultimate goal of net negative emission no later than 2050. The roadmap will include estimated date by which the company expects to achieve its goal.
(This article first appeared in the Canadian Mining Journal)