Global warming poses danger to the life on earth, risking fresh water, food, and energy supplies. Greenhouse gas (GHG) emissions are the primary cause of global warming. Carbon dioxide (CO2), methane (CH4), and nitrogen oxides (NOx) are GHGs produced by the combustion of oil, fossil fuels, and other sources.
The metals and mining industry accounts for approximately 4% to 7% of worldwide greenhouse gas emissions. GHG emissions are produced by industry operations such as energy generation, heat or steam, and fuel use. The International Council on Mining and Metals (ICMM) has committed to a goal of net zero Scope 1 and 2 emissions by 2050.
Newmont Corp (Newmont) is a gold mining and exploration company. The company also carries out the exploration, production, processing, and refining of silver, zinc, copper, lead, and molybdenum. In 2021, the company reported total GHG emissions of around 9.3 million tonnes CO2 equivalents (MtCO2eq), up 2% from 2020.
Scope 1, 2, and 3 emissions are the three categories of GHG emissions. Scope 1 emissions are direct emissions from operated assets by the company, such as fuel use, and fugitive emissions. Indirect GHG emissions from the generation of purchased or acquired electricity are referred to as Scope 2. Scope 3 emissions refer to the company's other indirect emissions beyond the company’s direct operations and occur in the company’s value chain, including upstream and downstream activities, such as transport, business travel, product use and downstream leased assets.
Scope 3 emissions account for most of Newmont’s overall GHG emissions, accounting for 63.5% of total GHG emissions (5.91 MtCO2eq) in 2021. In 2021, the company's Scope 1 emissions rose by 7.7%, and Scope 2 emissions were up by 2.3%.
Newmont aims at 32% reduction in absolute Scope 1 and 2 GHG emissions and intensity by 2030. The company has set a goal to be carbon neutral across Scope 1, 2 and 3 emissions by 2050.
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