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.
Rio Tinto, Glencore, and ArcelorMittal are large metals and mining companies with a considerable amount of greenhouse gas emissions.
Rio Tinto is headquartered in the UK and one of the major GHG emitters in Europe with market capitalization of $99,235 million in 2021. Rio Tinto’s total GHG emissions were 584.6 million tonnes CO2 equivalents (MtCO2eq) while Scope 3 emissions accounted for 553.5 MtCO2eq which is 94.7% of Rio Tinto’s total GHG emissions in 2021. To reduce GHG emissions, the company has set a target to reduce Scope 1 and 2 emissions by 50% by 2030.
Glencore, headquartered in Switzerland, is one of the largest contributors to GHG emissions in Europe with market capitalization of $68,936 million in 2021. In 2021, Glencore’s total GHG emissions were 280 MtCO2eq, dominated by Scope 3 emissions, accounting for 90.7% of its total 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.
ArcelorMittal, headquartered in Luxembourg, is an integrated steel manufacturing company with market capitalization of $22,720 million in 2021. ArcelorMittal’s overall GHG emissions in 2021 were 138.6 MtCO2eq. The company has set a new target to carbon emissions intensity by 25% globally by 2030. The company has planned world's first full-scale zero carbon-emissions steel plant in Sestao, Spain, by 2025.
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