Energy Efficiency, GHG Emissions - May 23, 2022
Newmont Updates Emission Progress
Newmont Corporation set absolute and intensity-based targets with a reduction of 32% for Scope 1 and 2 emissions and 30% for Scope 3 emissions by 2030, with the ultimate goal to be carbon neutral by 2050.
Details were provided in its 2021 Climate Report, the Company’s annual report prepared in alignment with the Recommendations of the Task Force on Climate-related Financial Disclosures (TCFD).
In 2021, the company’s 2030 targets were reviewed and validated by the Science Based Targets initiative (SBTi).
The company also provided updates to the detailed climate risk scenarios and assumptions Newmont uses in understanding the risks associated with climate change on its business, strategies and financial resilience, which includes a new ”Accelerated Response” scenario that includes an emissions trajectory consistent with limiting global temperature to 1.5o C , which is in accordance with the International Energy Agency’s World Energy Model Net Zero Emissions by 2050 scenario.
The company provided site-level and consolidated data for 2021, along with trailing five-year data in the report to provide clarity on its consumption of both fuels and energy, as well as progress toward Newmont’s targets.
“Climate change, and its impact on our world, continues to be one of the greatest global challenges. It is our responsibility to work alongside government, investors and communities to effect change,” said Newmont President and CEO Tom Palmer in a statement. “Newmont is addressing these challenges by setting science-based emissions reduction targets and leveraging our size, scale and resources to build strategic alliances to develop future technologies. We are driven by our commitment to our purpose — to create value and improve lives through sustainable and responsible mining.