Newmont aligns its climate targets with science in its first climate strategy report
(Kitco News) - Newmont (NYSE: NEM, TSX: NGT) reported Wednesday that it has launched its inaugural Climate Strategy Report, prepared in accordance with the Task Force on Climate-related Financial Disclosures.
The report outlines the company’s climate-related risks and opportunities, strategic planning, and pathways to achieving Newmont’s climate targets. Additionally, the report identifies the technology necessary to transition to a low-carbon economy.
Newmont said that, in order to meet 2030 greenhouse emissions targets criteria approved by the Science Based Target initiative (SBTi), the company’s 2030 targets are set at 32 percent reduction for Scope 1 and Scope 2 emissions and 30 percent reduction for Scope 3 emissions, supporting the Paris Agreement.
Newmont added 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 SBTi.
On its pathways to achieving 2030 targets and the 2050 ultimate goal of being carbon neutral, the company outlined projects necessary to achieve Scope 1 and 2 emissions reduction targets, including investing in energy optimization and power supply conversion. Additionally, the report details the collaboration and partnerships necessary to achieve the company’s Scope 3 emissions reduction target and the measures necessary to enhance climate change resiliency.
Meanwhile, Newmont said it has committed $500 million into its Carbon Reduction Fund to support the company’s climate targets. Over the next five years, the Fund will support implementation of technologies, emissions reduction projects and other climate change initiatives as part of Newmont’s pathway to achieving the company’s 2030 targets, a foundation for the company’s 2050 ultimate goal of being carbon neutral.
Newmont noted that its Climate Strategy Report continues to demonstrate the company’s commitment to transparency, reporting on its most material sustainability issues.