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Newmont sets GHG limits in first climate strategy report

Aerial view of Newmont’s Musselwhite mine in Ontario. Credit: Natural Resources Canada

Newmont (NYSE: NEM; TSX: NGT) launched its first Climate Strategy Report in support of the Paris Agreement on June 23. It outlines the company’s climate related risks and opportunities, strategic planning and means of reaching its climate targets. The 1technology needed to transition to a low carbon economy is also discussed.

Newmont has set its 2030 greenhouse gas (GHG) emissions 32% lower for Scope 1 and 2, and a further 30% lower for Scope 3, as outlined in the Agreement. The company noted that it 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 the Science Based Target initiative (SBTi).

Newmont has a Carbon Reduction Fund to which it has committed $500 million to support its climate targets

The company has developed three scenarios that consider both transitional and physical climate risks so that it can understand the impacts of its business, strategies and long term financial outlook. These scenarios include business as usual; planned energy transition during the 2020s; and delayed response to post-2030.

The goal to achieving 2030 targets and being carbon neutral by 2050 include investments in energy optimization and power supply conversion. Newmont’s report also includes details of collaboration and partnerships that will be necessary to reach its goals, and the measures necessary to enhance climate change resiliency.

Newmont has a Carbon Reduction Fund to which it has committed $500 million to support its climate targets. The fund will support implementation of technologies, emissions reduction projects and other initiatives as part of the pathway to achieving its 2030 targets.

“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’s 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.”

(This article first appeared in the Canadian Mining Journal)

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