The World Gold Council launched its “Gold and climate change: The energy transition” report on 9th December. The report talks about gold mining’s carbon emissions during the mining processes and their climate impact over the next decade.
The report was produced in a collaboration with mining and energy specialists at Wood Mackenzie. The report suggests the opportunities for gold mining to decarbonize its power sources, which might allow the reduction of carbon emissions at a scale to achieve climate targets by using Renewable Energy as its key source.
For achieving the Net-Zero carbon emission, the concerned industry needs to start working in the direction, over the next decade. The report estimates the impacts of reducing gold mining’s power emissions by 2030 to evaluate what would be required to be compatible with the Paris-aligned target of ‘well below 2 ºC’.
Key outcomes of the report include:
Randy Smallwood, Chair of the World Gold Council and CEO and President at Wheaton Precious Metals, commented: “While climate change is a global challenge, it is also an opportunity for the gold mining sector to reduce its greenhouse gas emissions by transitioning to renewable energy sources, which isn’t just good for the environment, it’s also good for all stakeholders.
He further added, “We still have a long way to go, but as an industry, we are proud of the progress we have made over the last few years and the continued efforts to transition our energy sources. This new report not only shows what we as an industry have accomplished but also highlights the improvements the industry is striving to make over the next decade and looking even further ahead at 2050 in trying to achieve the Paris climate targets.”
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