Economy

Newmont to include emission reduction targets in contracts

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Newmont Ghana has started the process to incorporate emission-reduction into its contracts with key suppliers and customers, Paul Sowley – Senior Director, Environmental Affairs at Newmont Ghana has said.

The mining giant is committed to reducing its greenhouse gas emissions by more than 30 percent by 2030 and achieving net-zero carbon emissions by 2050,

According to Mr. Sowley they are currently working with its Supply Chain department to survey and engage key suppliers and customers to develop and incorporate emission-reduction targets into their contracts. “We are also partnering with the US National Renewable Energy Laboratory on research related to carbon sequestration in mine tailings”

The company is also evaluating how to align biodiversity management practices with the new Global Biodiversity Framework, which was adopted at the 5th meeting of the Conference of the Parties (COP15) to the Convention on Biological Diversity in 2022.

According to him, the company’s goal is to decarbonize our existing and future operations, focusing on electricity, mobile equipment, carbon neutralization, and acid neutralization technologies.

Speaking as a panelist at this year’s Ghana Mining and Energy Summit in Accra, under the auspices of the Chamber of Mines, Mr.Sowley said “In November 2020, Newmont announced its industry-leading Climate Target of 30% reduction in baseline emission, Scope 1 and 2, by 2030 and achievement of Net Zero by 2050.  To meet these targets, Newmont’s goal is to decarbonize our existing and future operations, focusing on electricity, mobile equipment, carbon neutralization, and acid neutralization technologies.

Further he stated that since November 2020, the company has updated its Sustainability and Stakeholder Engagement Policy to reflect its stance on climate change and importance to their business.

“We also strengthened our energy and climate strategy & governance by establishing steering committee and working teams around five pillars of Newmont’s Climate and Energy Strategy – Supply, Cost Efficiency, Collaboration, Carbon Reduction and Adaptation with Board and Executive Leadership oversight.”

Other initiatives to that effect includes; in December 2020, Newmont approved a $500 million fund to focus on emissions reduction projects across our operations from 2021 through 2025, it formed a strategic alliance with Caterpillar to achieve zero-emissions delivering battery electric trucks for our open pit and underground.

Earlier this year, Newmont entered into a $3.0 billion sustainability-linked bond which is linked to our performance against the 2030 emissions reduction targets.

Newmont Africa started the renewable journey in 2018 by installing a 110kwp solar plant at our Akyem Site. The electricity produced is integrated into our camp management operations.  Currently it has produced   321,033 kwh of electricity.

The company has  also collaborated with VRA since 2018 to build and become the sole off-taker of a 13MWp solar plant at Kaleo in the Upper West region.  Newmont is the only mining company in the country to have such an arrangement.

In 2021, it partnered with Kal Tire in their Maple Programme. This initiative quantifies our positive environmental impact by using retreaded tires instead of purchasing new tires. We saved a total of 170 tons CO2eq through the retreading of 34 tires in Ahafo and 15 tires in Akyem as an alternative to purchasing the new tires.  In simple terms, this (170 tons CO2eq) can give enough power to run 20 households for a year.

Newmont’s business imperative is to create value and support the wellbeing of our people and planet; contribute to an equitable, inclusive and diverse world; and ultimately improving lives and livelihoods.

While ESG has rapidly evolved and is considered essential for businesses, Newmont has a long history of committing to leading sustainability and ESG practices that are fundamental enablers of our corporate strategy. Their approach considers the dynamic business environment it operates in and the critical role they must play to meet increasing stakeholder expectations to tackling societal issues and global challenges and mitigating negative impacts.

Newmont is the world’s leading gold company and a producer of copper, silver, lead and zinc. Founded in 1921 and publicly traded since 1925, Newmont is the only gold producer on the S&P 500 Index. Recognized for its commitment to environmental, social and governance (ESG) practices, the Company is an industry leader in value creation, supported by robust safety standards, superior execution and technical expertise.

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