Newcrest sets target of net zero emissions by 2050

Cadia operations. Image courtesy of Newcrest Mining.

Newcrest Mining (ASX, TSX, PNGX: NCM) announced on Tuesday that it has set a new goal of net zero carbon emissions by 2050. This goal relates to its operational (Scope 1 and Scope 2) emissions, though the Australian gold-copper miner said it will also continue to work across its value chain to reduce Scope 3 emissions.

Australia’s biggest gold miner recently announced a company purpose “to create a brighter future for people through safe and responsible mining” underpinning its commitment to take on the challenge of climate change and reduce greenhouse gas (GHG) emissions.

Newcrest also set a target at the time to reduce its GHG emissions intensity by 30% by 2030

“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,” Newcrest’s managing director and chief executive officer Sandeep Biswas said in a media release.

“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,” Biswas said.

In June 2019, Newcrest released its climate change policy outlining the company’s 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.

Newcrest also set a target at the time to reduce its GHG emissions intensity by 30% by 2030, including GHG management plans for each operating site and securing renewable energy sources for more than 40% of the projected requirements at its Cadia operations from 2024.