Newmont Launches First Climate Strategy Report
Newmont Corp. 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.
“It is our firm belief that climate change is one of the greatest challenges of our time and that Newmont must be a catalyst for change. It is our responsibility to operate our business in a sustainable way in order to generate long-term value whilst mitigating climate change’s effect on our operations. We continue to hold ourselves to high standards of performance while continuing our commitment to transparent reporting,” said Newmont’s President and CEO Tom Palmer. “Today we send a clear signal that Newmont has moved beyond managing climate change as a sustainability issue to incorporating these risks and opportunities into our business strategy and business planning process.”
Newmont has set its 2030 greenhouse gas (GHG) emissions 32 percent lower for Scope 1 and 2, and a further 30 percent lower for Scope 3, to support the Paris Agreement. The company noted that 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 the Science Based Target initiative (SBTi). These goals support the Paris Agreement. Newmont 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.
In the report, Newmont developed three scenarios – considering both transitional and physical climate risks – to understand the potential impacts to our business, strategies and long-term financial resiliency. The scenarios include business as usual; planned energy transition during the 2020s and delayed response to post-2030.
Newmont said the pathways to achieving 2030 targets and the 2050 ultimate goal of being carbon neutral: Includes 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.
In 2020, Newmont committed $500 million to support its 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.