Greenhouse gas (GHG) emissions are one of the main causes of rising global warming and the metals and mining industry accounts for approximately 4% to 7% of worldwide greenhouse gas emissions. A substantial amount of greenhouse gases emitted by fuel use, on – site electricity, and other sources include CO2, methane, and NOx. It has become increasingly vital for major contributing industries to record greenhouse gas emissions throughout operations, and the International Council on Mining and Metals (ICMM) has committed to a goal of net zero Scope 1 and 2 emissions by 2050.
GHG emissions are generally classified into Scope 1, Scope 2, and Scope 3 emissions. Scope 1 emissions are direct GHG emissions from operated assets by the company, such as fuel use, industrial processes and other minor sources. Scope 2 (Indirect GHG emissions) accounts for GHG emissions from the purchased or acquired electricity. Scope 3 refers 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.
Glencore, China Shenhua, and Rio Tinto are major metals and mining companies with a significant amount of Scope 2 emissions. Metals and mining companies are focusing on reducing their Scope 1 and Scope 2 emissions which occurs due to the direct and indirect operational activities of companies such as fuel use and purchased electricity.
Glencore, a diversified natural resources company, is a leading Scope 2 greenhouse gas emitter. In 2021, Glencore’s Scope 2 emissions accounted for 11.1 million tonnes CO2 equivalents (MtCO2eq) which is 4% of Glencore’s total GHG emissions. To reduce GHG emissions, the company has set a target of an absolute 50% reduction of total emissions by 2035 on 2019 levels. The company also aims to achieve net zero total emissions footprint by 2050.
China Shenhua, a subsidiary of China Energy Investment Corp, is the second-largest contributor to Scope 2 emissions. In 2021, China Shenhua’s Scope 2 emissions were around 8.9 MtCO2eq, accounting for 5% of China Shenhua’s total GHG emissions. To promote sustainability, the company has set a 2030 target to regulate the increase of Scope 1 and Scope 2 carbon emissions within 48% and aims to achieve carbon neutrality by 2060.
In 2021, Rio Tinto’s Scope 2 emissions accounted for 1.4% of its total GHG emissions. Rio Tinto has set a target to reduce Scope 1 and 2 emissions by 50% by 2030. The company also intends to invest $7.5 billion in climate abatement projects until 2030.
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