“At Newmont, we hold ourselves to high standards — from the way in which we govern our business, to how we manage relationships with our stakeholders, to our environmental stewardship and safety practices. We fundamentally understand the human contribution to climate change and understand we reap what we sow. It is our responsibility to take care of the resources provided to us. We want a world that is not just sustainable but thriving for generations to come.”
Newmont Sustainability-Linked Financing Framework
𒁃Newmont Sustainability-Linked Financing Framework – ISS ESG Second Party Opinion
﷽Newmont Sustainability-Linked Financing Framework - Scope 3 Baseline Update
In 2021, we hired an external consultant to review and update the methodology for calculating our Scope 3 emissions. This exercise was completed to better understand our emissions in terms of capital spend, products and downstream processing and to support the development of the roadmaps to help us achieve our 2030 targets and 2050 goal. This exercise resulted in an increase in our 2019 baseline number from 4.6M tCO2e to 5.7M tCO2ꦦe. The methodology showed that the largest drivers are purchased goods and services (category 1), fuel and energy related activities (category 3), processing of sold products (category 10) and investments (category 15). As such, we will focus on reviewing our approach to characterizing our suppliers and buyers and confirming their near-term decarbonization targets. We will then apply these to our Scope 3 emissions reduction roadmap.
Our Scope 3 reduction target of 30 percent, which aligns with a well below 2°C scenario, remains the same. However, the amount of reduction has increased from an absolute reduction of about 1.4M tCO2e to 1.7M tCO2e, and our target for 2030 for Scope 3 emissions is now 4M tCO2🍸e. We will report both the updated and original baseline numbers and show progress against both. Because the updated baseline is more than a 10 percent increase from the original baseline, we have also resubmitted our Scope 3 targets to SBTi and are awaiting its response on the review and validation. We do not anticipate changing our current target of 30 percent.
Our purpose is to create value and improve lives through sustainable and responsible mining. Learn more here.