Dublin, Dec. 24, 2024 (GLOBE NEWSWIRE) -- The "Strategic Intelligence: Net Zero Strategies in the Mining Sector (2024)" report has been added to ResearchAndMarkets.com's offering.
Intense regulatory pressure on emissions means companies in all sectors need a net zero strategy.
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.
The mining sector is concentrating on three main strategies to reach these targets:
- Diesel displacement
- Renewable energy integration
- The use of transition metals and decarbonizing supply chains
Shifting power sources is the main game in town for reducing operational emissions in the near term
Scope 1 and 2 emissions, which are generated by business operations, comprise around 40% of miners' total emissions. Increasing the share of renewable energy consumption is a primary way to achieve operational emissions reduction in the near 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.
Electrifying diesel fleets will be key to eliminating significant Scope 1 emissions
Mobile diesel fleets alone can account for up to 90% of Scope 1 emissions in surface mines. Miners are adopting interim strategies, including alternative fuels, trolley-assist systems, and hybrid equipment, to cut fossil diesel use in the near term, with full electrification the longer-term strategy.
Transition materials and decarbonizing supply chains will be critical to tackling Scope 3 emissions
Around 60% of mining emissions come from the value chain, categorized as Scope 3. These emissions are mainly generated downstream during product processing, transportation, and distribution. Miners are working with downstream industries to jointly develop emission reduction initiatives such as low-carbon technologies for green steelmaking, optimizing transport methods, using cleaner sources of energy, and diversifying the portfolio toward transition materials.
Who is winning the race to net zero?
Fortescue is leading the race to net zero among the 20 major mining companies analyzed for this report. The company is committed to achieving 'real' net zero-without relying on carbon offsets-by 2030, setting an industry-leading benchmark. Fortescue also aims to achieve net zero for its Scope 3 emissions by 2040, outpacing its peers.
The mining sector is concentrating on three main strategies to reach net-zero:
- Diesel displacement to address Scope 1 emissions. Miners are transitioning to alternative fuels and hybrid equipment to reduce diesel usage in the short term, with fleet electrification the long-term strategy.
- Integration of renewable energy to tackle Scope 2 emissions.
- Utilization of transition metals and decarbonization of supply chains to address Scope 3 emissions.
Scope
- This report offers a comprehensive analysis of net zero strategies within the mining industry, highlighting the key approaches being implemented by companies to reach this goal.
- It features prominent mining companies making significant progress towards achieving net zero emissions, along with detailed case studies showcasing specific strategies in action.
- Additionally, the report presents detailed Scope 1, 2, and 3 emissions data for 20 major mining companies, providing valuable insights into their environmental impact reduction efforts.
Key Topics Covered:
- Executive Summary
- Why Mining Companies Need a Net Zero Strategy
- Strategy 1: Diesel Displacement
- Strategy 2: Renewable Energy
- Strategy 3: Transition Metals and Decarbonizing Supply Chains
- Who is Winning the Race to Net Zero?
Company Coverage:
- Agnico Eagle
- Albemarle
- Alrosa
- Anglo American
- Antofagasta
- Arcadium Lithium
- ARMZ Uranium Holding
- Barrick Gold
- BHP
- Bradda Head Lithium
- Chalco
- CMOC
- Coal India
- Core Lithium
- European Energy Metals
- First Quantum Minerals
- Fortescue Metals
- Freeport-McMoRan
- Gangfeng Lithium
- Glencore
- Grupo Mexico
- Harmony
- Industrial Metallurgical Holding
- International Lithium
- Liebherr
- Lithium Chile
- LKAB
- Ma'aden
- Newcrest
- Newmont
- Norilsk Nickel
- Resolute Mining
- Rio Tinto
- Sayona Mining
- Shandong Gold
- Silbanye Stillwater
- South32
- Tata Steel
- Teck
- Vale
- Woomera Mining
- Zijin Mining
For more information about this report visit https://www.researchandmarkets.com/r/scmo7s
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