A recent report released by Wood Mackenzie has found that the international gold industry is on course to meeting the 2°C climate target by 2030. However, the report notes that additional action is needed for the industry to not only meet but also exceed the 1.5°C target.
The global metals, mining and renewables research and consultancy group conducted an analysis of the international gold industry in an attempt to evaluate the pace at which the industry can reduce its emissions.
At the moment, the cleaner energy projects that have been planned and executed are expected to save no less than three metric tons of carbon dioxide annually, which equates to about 6% of the international gold industry’s emissions in 2019. This is equal to removing almost 655,000 internal combusting engine passenger vehicles from the roads.
Estimates from the company’s Emissions Benchmarking Tool show that in 2019, the gold industry emitted more than 55 metric tons of carbon dioxide equivalent, which makes up about 0.2% of worldwide carbon emissions. While this number is small when compared to emissions from other areas in the energy sector, miners of the yellow metal are advised to not slack in the quest for a more sustainable mining sector.
The Head of Gold Research at the consultancy group, Rory Townsend, stated that the attention on sustainability was expected to increase, particularly because the next annual UN climate change conference is due to take place in a few months, which was among the reasons why the gold industry couldn’t afford to slow down now. Townsend added that miners that weren’t working to decrease their environmental footprints would also find it harder to secure project financing and were more likely to fall out of favor among investors.
With some carbon-intensive mines set to close by the decade’s end, the report notes that the location of gold mines currently in operation will also be a determining factor in emission reduction. The report then adds that more aggressive action is required to decrease emissions and stay on course to meeting carbon reduction targets, now that mine life extensions are being granted.
Townsend also notes that mining companies that are under carbon-intensive grids may find it more difficult to decrease emissions, highlighting that the focus on carbon emission reduction in the gold sector is likely to last for a long time. Furthermore, he acknowledges that this presents mining companies with the opportunity to improve their green credentials.
Given that cutting emissions has beneficial effects on the bottom line of mining companies, it wouldn’t be surprising that established entities such as GoldHaven Resources Corp. (CSE: GOH) (OTCQB: GHVNF) are implementing their own stringent measures that go beyond the industry targets.
NOTE TO INVESTORS: The latest news and updates relating to GoldHaven Resources Corp. (CSE: GOH) (OTCQB: GHVNF) are available in the company’s newsroom at http://ibn.fm/GHVNF
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