World’s top mining companies pledge net zero emissions by 2050

The world’s top miners on Tuesday committed to a goal of net zero direct and indirect carbon emissions by 2050 or sooner, the International Council on Mining and Metals (ICMM) said.

“ICMM members’ collective commitment to net zero scope one (direct) and two (indirect) greenhouse gas emissions by 2050 is a pivotal moment in our history,” CEO Rohitesh Dhawan said in an open letter signed by the 28 chiefs of the world’s largest miners.

The announcement comes before next month’s U.N. climate gathering that aims to achieve more ambitious climate action from the nearly 200 countries that signed the 2015 Paris Agreement to limit global warming.

Many miners including Anglo American (AAL.L), Rio Tinto (RIO.L) and BHP (BHPB.L), under pressure from environmental activists and shareholders, have already committed to net zero by 2050 in direct and indirect emissions.

The collective commitment, however, “represents a joint ambition from companies that make up one third of the global mining and metals industry,” the ICMM said.

[Zandi Shabalala and Clara Denina]

5 October 2021

IEEFA