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.
Nucor, Barrick Gold, and Newmont are large metals and mining companies with a considerable amount of greenhouse gas emissions.
Nucor is headquartered in the US and is one of the major GHG emitters in North America with market capitalization of $28,107 million in 2021. Nucor’s total GHG emissions were 20.1 million tonnes CO2 equivalents (MtCO2eq) while Scope 3 emissions accounted for 7.3 MtCO2eq which is 36.3% of Nucor’s total GHG emissions in 2021. The company’s greenhouse gas emissions are less than one-third of the Paris Agreement’s 2030 target.
Barrick Gold, headquartered in Canada, is one of the largest contributors to GHG emissions in North America with market capitalization of $32,789 million in 2021. In 2021, Barrick Gold’s total GHG emissions were 11.9 MtCO2eq, dominated by Scope 1 emissions, accounting for 51.5% of its total GHG emissions. The company has set a goal of net zero emissions by 2050.
Newmont, headquartered in the US, is a gold mining and exploration company with market capitalization of $48,548 million in 2021. Newmont’s overall GHG emissions in 2021 were 9.3 MtCO2eq. The company aims at 32% reduction in absolute Scope 1 and 2 GHG emissions and intensity by 2030.
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