In its annual outlook, Newmont Corp., announced that would spend $500 million over five years to meet climate change targets that that it anticipates attributable gold production guidance of 6.5 million ounces for 2021 and is expected to be between 6.2 and 6.7 million ounces through 2023 and between 6.5 and 7.0 million ounces longer-term through 2025.

The company it will accelerate efforts to reduce greenhouse gas emissions at its operations.

Reuters reported that investors are putting pressure on gold miners, whose high greenhouse gas emissions have been less scrutinized, to report transparently and take concrete steps to curb them after a rally in prices this year drew closer attention to the sector’s footprint.

Newmont last month committed to a 30 percent reduction in carbon emissions by 2030, and net zero emissions by 2050.

The company said it is studying solar and wind installations at several mines, including Peñasquito in Mexico and Ahafo in Ghana, and ways to boost efficiencies across its operations.

“It’s about putting money where our mouth is,” Chief Executive Tom Palmer said on a call, adding the spending represents a starting point and would be a mix of development and operating capital.

Newmont earlier forecast higher production of the precious metal next year at lower costs.

Prices for safe haven gold have surged nearly 23 percent this year as global economies reeled under lockdowns designed to curb the spread of the coronavirus outbreak.

While output was hit in some regions this year due to infections and governmental restrictions, Newmont said its forecast assumes operations will continue without major coronavirus-related interruptions next year and beyond.

Output through 2023 is forecast between 6.2 million and 6.7 million ounces, rising to as much as 7 million ounces through 2025. Spending is forecast to increase sharply to $1.8 billion driven by expansions in Ghana and Peru.

All-in sustaining cost, a closely watched industry benchmark, is expected to be around $970 per ounce of gold mined next year, below this year’s forecast of $1,015 per ounce. The cost is expected to further decrease through 2025.

“Newmont’s outlook remains strong and stable as we apply the rigor and discipline of our proven operating model across our world-class portfolio. Our five-year outlook reflects improving production and costs as we continue to deliver value from superior operational and project execution,” said Palmer. “Our strong financial position allows us to continue investing in profitable, organic growth while simultaneously returning cash to shareholders through our industry leading dividend framework.”