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Extracting value from decarbonisation
An integrated approach to reducing emissions
Climate change poses a significant threat to our planet and way of life and we are already seeing the effects of a rapidly warming planet, including mass loss of biodiversity, volatile weather related disasters, stress on food production and water scarcity. According to the Intergovernmental Panel on Climate Change (IPCC), we have until 2030 to reduce carbon emissions to limit temperature increases below 2°C, in line with the Paris Agreement. In order to meet the ambitions of the Paris Agreement, CO2 emissions will need to fall to net zero by 2050.
Driven by pressure from stakeholders and the strengthening business case for decarbonisation, mining companies are taking steps to reduce their greenhouse gas emissions in order to reach the GHG reduction targets set under the Paris Agreement. Strong commitment is necessary if miners are to contribute to the mitigation of risks associated with climate change and deliver the value promise for key stakeholders.
While technological advancements in the renewable sector and alternative energy sources may assist, they are not enough in tackling this complex global problem. Reliance on energy sources has largely been driven by cost-competitiveness and convenience, with environmental impacts rarely being considered. However, in the face of the global climate crisis, the mining sector needs to accept the necessity of transitioning towards a low-carbon future.