• Share

Scope 3 Emissions Target Setting Guidance

13 December 2023

Scope 3 emissions are a critical area of focus for the mining and metals industry, representing up to 95% of a company’s total emissions for some commodities.

  • Like in other sectors, setting Scope 3 targets for mining and metals value chains is a challenging process. It requires a shift from direct management of emissions under operational control, to collaborative and integrated engagement, fostering relationships with suppliers and customers even in very complex supply chains.
  • Acknowledging the inherent differences in commodities and value chains, rather than endorsing a specific methodology, this Guidance defines principles and considerations specific to the mining and metals sector around the most commonly used approaches.
  • Builds on ICMM’s Scope 3 Accounting and Reporting Guidance published in September 2023, which provides a standardised framework for accounting and reporting of Scope 3 emissions.
  • Is informed by existing frameworks and available guidance, building on commonly accepted approaches to define core principles and considerations, tailored to the specific considerations of the mining and metals sector, in line with available standards.
  • Establishes a robust framework for companies to guide the development and improvement of Scope 3 targets as their capabilities mature over time.
  • Sets out leading practice across four maturity stages, with each stage outlining minimum expectations across five key dimensions: accounting and reporting, identification of emissions ‘hotspots’, business integration and alignment, assessment of decarbonisation pathways, and organisational governance.
  • Does not establish or recommend any particular methodology to set targets due to inherent differences between commodities and their value chains, providing flexibility for companies to set credible Scope 3 targets based on their unique value chains.
  • Serves as a tool to assist companies in their engagement with the financial sector, investors, regulators, suppliers, customers and other mining sector stakeholders on their unique value chain emissions.