Wood Mackenzie Spotlights Gold Industry's Efforts to Meet Climate Targets

SEATTLE (Scrap Monster): A new report from Wood Mackenzie said that the global gold industry is more or less on track to meet the 2 degree celsius climate target by the end of 2030. However, more effort is required for the industry to meet and surpass the ambitious 1.5 degree Celsius.

According to the report, the carbon dioxide equivalent emissions by the gold industry totalled over 55Mt in scope 1 and 2 emissions during 2019. This accounted for just 0.2% of the total global carbon emissions. This small percentage should not make gold miners complacent in their journey towards sustainability goals, warns the report. Also, miners who do not take necessary action to reduce environmental footprints will lose investor faith and struggle to secure project funding, it added.

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A number of carbon-intensive mines are due to go offline before the end of this decade. However, the industry has been witnessing several instances of mine-life extensions, due to rising gold prices. The mine-life extensions would necessitate more aggressive actions to cut down carbon emissions.

Wood Mackenzie report calls for collective effort from gold miners across the globe to make the gold mining sector greener, by way of various initiatives including cleaner energy projects.