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Few Canadian mining leaders have committed to full carbon emission reductions by 2050, according to a survey by KPMG. The survey conducted last month with 75 mining company decision-makers found that only 23% have made formal commitments to achieve all scope-related carbon emission reductions by 2050 or earlier,
About a quarter have not yet made formal commitments but are actively developing emission reduction plans. Moreover, 10% lack both ESG and carbon reduction strategies, while 7% either do not intend to implement such strategies or face challenges in reducing emissions at present.
Decarbonization has emerged as one of the industry’s foremost challenges, and survey respondents anticipate heightened scrutiny from investors this year regarding their decarbonization strategies.
However, a lack of refining capacity in Canada, which generally produces concentrates that are shipped to smelters worldwide, poses a considerable challenge to reducing scope 3 emissions, which traverse the company’s value chain.
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