How Yukon power will give miners an edge - Minister Ranj Pillai
(Kitco News) - Miners need to reduce greenhouse emissions, and the Yukon government can help them get there, noted Ranj Pillai, the Minister of Economic Development, Government of Yukon.
Pillai spoke to Kitco on Monday.
Miners are being asked by their customers and financial backers to reduce greenhouse gas emissions. Many miners have committed to zero carbon output by 2050 or earlier, as part of their environmental social governance goals.
"What we're hearing from miners are as they go out to get their financing [they need to shore up] their ESG metrics—having a good environmental assessment and making sure that there's good collaboration and relationships with the indigenous governments."
Pillai said the goal is to have the Yukon power grid at about 97% renewable over "the next number of years," with most of that coming from hydropower.
The Yukon is mostly known for its precious metal miners, which has helped the territory weather the recent economic turmoil. Gold prices this spring have been up on inflation worries and the Ukraine-Russian conflict.
"The Yukon learned that when you have global instability, it is important to have gold miners," said Pillai. "We saw some fantastic numbers come out of Victoria Gold, and that really pushed our economy forward."