Newmont Commits to Industry-Leading Climate Targets
November 12 2020 - 9:30AM
Business Wire
Commits to 30% GHG emissions reductions by 2030 and goal of net
zero emissions by 2050
Today, Newmont Corporation (NYSE: NEM, TSX: NGT) the world’s
leading gold mining company, announced industry-leading climate
targets of 30% reduction in greenhouse gas (GHG) emissions by 2030,
with an ultimate goal of achieving net zero carbon emissions by
2050. The new 2030 target builds upon Newmont’s existing GHG
emissions reductions target of 16.5 percent over five years,
concluding in 2020.
“At Newmont, we hold ourselves to high standards — from the way
in which we govern our business, to how we manage relationships
with our stakeholders, to our environmental stewardship and safety
practices,” said Tom Palmer, President and CEO of Newmont
Corporation. “We fundamentally understand the human contribution to
climate change and understand we reap what we sow. It is our
responsibility to take care of the resources provided to us. We
take these climate change commitments seriously, and make them
because our relationship with the planet is absolute. We want a
world that is not just sustainable, but thriving for generations to
come.”
Using science-based criteria, Newmont has set climate targets
for 2021-2030 for its operating sites, including a renewable energy
target. The science-based criteria align with Science-Based Targets
Initiative (SBTi) criteria and assists Newmont in developing
specific emissions reduction pathways and meeting the Paris
Agreement objective of being well below 2° Celsius global
temperature change.
Newmont's 2030 Climate Targets* MMTCO2e (2030 vs 2018)**
Absolute Emissions
30% reduction of combined emissions
(Scope 1 and 2) 2.31 / 3.30 Emissions Intensity
30%
reduction of combined emissions intensity (Scope 1 and 2) 0.40 /
0.56 JV Asset/Supply Chain Emissions
15% reduction of
emissions (Scope 3) 3.60 / 4.23 Electric Generation
Emissions
10% replacement of fossil fuel-based electricity
generation with renewables-based sources 2.97 / 3.30
Newmont's
2050 Ambition 100% carbon neutral *Between 1/1/2021 to
12/31/2030; registered under Science-Based Target initiative (SBTi)
criteria **Million metric tons of carbon dioxide equivalent; 2030
target from 2018 baseline year
To achieve these aims, the Company will implement a new energy
and climate investment standard, to be combined with its existing
investment standards including shadow carbon pricing, in order to
further inform its capital investment process. This new investment
standard will ensure that the 2030 reduction targets are embedded
into investment decisions for projects such as fleet vehicles,
production equipment, onsite renewable power generation and energy
efficiency. Additionally, the Company will engage its partners and
joint ventures in an effort to align joint venture operations
targets and supply chain related emissions with Newmont’s
targets.
Mining is an energy intensive business, with 88 percent of
Newmont’s energy used for mining and milling generated from
carbon-based fuels. As the Company looks to reduce emissions and
move to a low carbon economy, it will use a strategic approach to
portfolio development, energy sourcing, fleet and equipment
investment, as well as land use planning to achieve its
targets.
A key part of Newmont’s accountability in reaching these targets
will be reporting via The Climate-Related Financial Disclosures
(TCFD) guidelines. In 2021 the Company will issue its first annual
TCFD report. The TCFD report will detail Newmont’s governance,
strategy and portfolio resilience to a range of climate scenarios.
The TCFD report will also track the Company’s annual progress
toward implementing its 2030 strategy, meeting its 2030 targets and
executing emissions reduction projects across its global
portfolio.
At Newmont, our purpose is to create value and improve lives
through sustainable and responsible mining. To learn more about
Newmont’s sustainability strategy and initiatives, go to Beyond the
Mine at www.newmont.com.
About Newmont
Newmont is the world’s leading gold company and a producer of
copper, silver, zinc and lead. The Company’s world-class portfolio
of assets, prospects and talent is anchored in favorable mining
jurisdictions in North America, South America, Australia and
Africa. Newmont is the only gold producer listed in the S&P 500
Index and is widely recognized for its principled environmental,
social and governance practices. The Company is an industry leader
in value creation, supported by robust safety standards, superior
execution and technical expertise. Newmont was founded in 1921 and
has been publicly traded since 1925.
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version on businesswire.com: https://www.businesswire.com/news/home/20201112005265/en/
Media Contact Courtney Boone
303.837.5159 courtney.boone@newmont.com
Investor Contact Eric Colby
303.837.5724 eric.colby@newmont.com
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