Net Zero Strategies in the Mining Sector – Thematic Intelligence

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Reasons to buy the Net Zero Strategies in the Mining Sector thematic intelligence report:

  • Gain in-depth insight into the net zero targets and performance of key mining companies.
  • Elucidate the importance of a net zero strategy in the mining sector.
  • Analyze the progress made by the leading companies within the theme to achieve their emission target.
  • Analyze the net zero strategies in the mining sector theme to develop effective business plans and gain a competitive edge.

How is our Net Zero Strategies in the Mining Sector report unique from other reports in the market?

  • Discuss the impact of GHG emissions by mining companies along with strategies adopted to mitigate such emissions.
  • Evaluate the various scopes of emissions emanating from the mining industry.
  • Benchmark the leading companies based on their emissions reduction pathway and net zero commitments.
  • Get an overview of Scope 1, Scope 2, and Scope 3 emission strategies to understand the market better.

We recommend this valuable source of information to anyone involved in: 

  • ​Mining Companies
  • Heavy Industry/Automobiles Companies and Manufacturers
  • Primes/OEMs/Mining Technology Enterprises
  • Technology Leaders and Startups
  • Business Development and Market Intelligence
  • Investment Analysts and Portfolio Managers
  • Professional Services – Investment Banks, PE/VC firms
  • M&A/Investment, Management Consultants, and Consulting Firms

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Net Zero Strategies in Mining Thematic Overview

Net zero means cutting greenhouse gas emissions (GHG) to as close to zero as possible. Firms that achieve net zero emissions are called “carbon neutral.” Companies are under pressure to cut emissions as countries aim to achieve their climate commitments. Emissions are offset by supporting projects that reduce emissions or remove greenhouse gases from the atmosphere.

Nearly every mining company has a long-term net zero goal and has set 2050 as the target year for achieving net zero carbon emissions. In the interim (2025-2035), they will implement shorter-term emission reduction goals, typically aiming for around 30% reduction by 2030.

The “Net Zero Strategies in Mining” thematic intelligence report gives you an in-depth insight into the net zero targets and performance of 20 leading mining companies. The report elucidates the importance of a net zero strategy in the mining sector along with the progress made by the leading retailers to achieve the emission target. These detailed analyses are critical in developing effective business plans to gain a competitive edge.

A Stylized Net Zero Strategy

A Stylized Net Zero Strategy

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Leading Companies ·        Anglo American

·        Barrick Gold

·        BHP

·        Fortescue Metals Group

·        Freeport-McMoRan

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Mining Sector - Scope 1, 2, and 3 Emissions Strategies

The increased use of renewables will be critical to many miners to achieve their near-term emissions targets. Miners are shifting away from fossil fuels and toward renewables for on-site power. Solar power dominates the upcoming capacity with more than 63% of on-site power in development compared to wind power accounting for more than 3%. Meanwhile, in the medium term, fleet electrification will be a key scope 1 and 2 emission reduction strategy. Diesel-fuelled mining vehicles are gradually being replaced by those powered by electric batteries or fuel cells.

However, very few mining companies have clear strategies for mitigating Scope 3 emissions. Since the largest source of value chain emissions is the steelmaking process, the mining industry is predominantly focusing on blast furnace optimization.

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Mining Sector - Net Zero Strategies of Leading Companies

A few mining companies evaluated in this report are Anglo American, Barrick Gold, BHP, Fortescue Metals Group, and Freeport-McMoRan among others. Anglo American, Barrick Gold, and BHP aim to reduce Scopes 1 and 2 emissions by a certain percentage by 2030. Meanwhile, Fortescue Metals Group aims for net zero Scope 1 and 2 emissions across Australian iron ore operations by 2030 and net zero for Scope 3 emissions by 2040. For this purpose, the company is working to replace current stationary diesel and gas-fired power.

Anglo American switched to renewables in Chile in 2021 and in Brazil and Peru in 2022. Hence, by 2023, all South American operations were powered by renewable electricity. In Southern Africa, Anglo American partnered with EDF Renewables to develop clean generation capacity while in Australia, it has an agreement with Stanwell Corporation to supply total renewable energy to all Australian operations from 2025.

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Key Highlights

Nearly every mining company has a long term net zero goal > Most mining companies have set 2050 as the target year for achieving net zero carbon emissions. In the interim (2025 2035), they will implement shorter-term emission reduction goals, typically aiming for around a 30% reduction by 2030.

Scope 1 and 2, which are generated by business operations, make up around 40% of total emissions > Mining companies are investing heavily in renewable energy, with many setting short term 100% renewable energy targets. Around 60% of emissions in the mining sector are value chain emissions, known as Scope 3. Downstream value chain emissions are generally much higher compared to the upstream side and most of these arise from the processing of sold products and transportation and distribution.

Shifting power sources is the main game in town > Increasing the share of renewable energy consumption is a primary way to achieve operational emissions reduction in the short term. This shift is facilitated through Power Purchase Agreements (PPAs) and, when grid power is unavailable where mining companies operate, directly through on site power plants.

Supply chain collaboration is key to reducing value chain emissions > Companies need to work with downstream industries to jointly develop and implement emission reduction initiatives such as the optimization of transport methods and the use of cleaner sources of energy and energy efficient technologies.

Agnico Eagle Mines
Anglo American
Barrick Gold
Coal India
First Quantum Minerals
Fortescue Metals
Harmony Gold Mining
Newcrest Mining
Norilsk Nickel
Rio Tinto
Saudi Arabian Mining (Ma'aden)
Sibanye Stillwater
Teck Resources

Table of Contents

Executive Summary

Why Mining Companies Need a Net Zero Strategy

Emissions Targets and Performance

Scope 1 and 2 Emissions Strategies

Scope 3 Emissions Strategies

Net Zero Strategies of Leading Companies


Further Reading

Our Thematic Research Methodology

Contact Us

Frequently asked questions

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