Scope 3 Emissions in Mining and Metals: A Case for Partnerships?
To tackle climate change effectively, action is required to accelerate the decarbonising of production processes and consumption practices. This will necessitate the deployment of an unprecedented volume of renewable energy capacity, as well as myriad other solutions, all of which will require vast amounts of minerals and metals.
The scope 3 emissions (also known as value-chain emissions) of minerals and metals are significant. And it is not only the processing of these commodities that generates emissions. There is transport too. Shipping all these ores and metals from mines too often distant markets around the world generates emissions that can be greater than scopes 1 and 2 combined.
Tackling scope 3 emissions is challenging and requires coordination across a number of players within the value chain. This coordination is made difficult if the measurement and reporting of emissions are not aligned or trusted. Developing partnerships to reduce emissions and align reporting requirements is therefore an opportunity that we should be embracing.
Recognising this, ICMM and Antofagasta Minerals lead an 'Affiliated Session' at World Economic Forum's Annual Meeting on streamlining reporting efforts on Scope 3 emissions through improved collaboration between mining and metals companies, finance and other relevant stakeholders within the industry’s ecosystem. The session features Rohitesh Dhawan, President and CEO, ICMM; Iván Arriagada, CEO, Antofagasta Minerals; Jakob Stausholm, CEO, Rio Tinto; Eduardo Bartolomeo, CEO, Vale; and Thomas Höhne-Sparborth, Head of Sustainability Research, Lombard Odier.