Newmont On Track to Become a Zero-Carbon Company by 2050By Paloma Duran | Mon, 06/07/2021 - 18:15
Newmont Corporation has released its 2020 Sustainability Report, showing that the company's commitment to ESG practices and responsible mining has gotten stronger.
In 2020, the company achieved its best safety performance in its 100 years of existence, and was named as 2021 Best Place to Work for LGBTQ+ Equality by the Human Rights Campaign Foundation and was included in the Gender-Equality Index (GEI) of Bloomberg for its progress on improving the work environment for women.
Newmont believes that the mining of the future needs to have strong and sustainable relationships with the communities. As a result, Newmont has sought to increase and strengthen its relationship with communities by implementing projects that show its interest for them. Last year, the company invested US$20.5 million in community projects, created the Newmont Global Center for Indigenous Community Relations, initiated a US$20 million COVID-19 Global Community Support Fund and provided financial support to workers who were unable to work during the pandemic.
On the Environmental side, the company announced it would invest US$500 million to address climate change, implemented the new Global Industry Standard on Tailings Management and for the sixth consecutive year, it was recognized as the main gold miner on the Dow Jones Sustainability World Index.
Newmont is highly committed to UN’s Sustainable Development Goals (SDG’s) as it believes in the role of mining in mitigating the impact of climate change. The company has prioritized 5 SDGs as they are most aligned with the company's business plan and vision. These goals are: 3) good health and wellbeing; 5) gender equality, 6) clean water and sanitation, 8) decent work and economic growth and 17) partnerships for the goals.
Newmont explained that the company has identified gaps in its performance in three of these SDGs and, as a result, has redoubled its efforts and updated its targets. For goal 3, it plans to improve access to quality health services and reduce maternal and infant mortality; for goal 6, it seeks to improve communities' access to potable water and improve their access to irrigation; and for goal 8, it will create new jobs that are unrelated to mining and Newmont.
“For more than 30 years, our commitment to environmental, social and governance (ESG) has developed and grown, and is now part of the fabric of the Company and central to all our actions. As we reflect on our rich history and begin to write the next chapter in our story, it is clear that Newmont has been a catalyst for change, and we aim to build on this positive momentum,” said CEO and President of Newmont, Tom Palmer.
The company reported this year it plans to improve its ESG performance. Among its goals for 2021 are zero fatalities, increase employment rates in local and indigenous communities, address all complaints received within 30 days, implement risk mitigation plans for 60 percent of new contracts with suppliers and support the collective management of water and improve its quality.
The company has ambitious goals related to energy and climate change. Newmont seeks to achieve by 2030 a reduction of more than 30 percent in GHG emissions (Scope 1 and 2) and their intensity, in addition to reducing Scope 3 emissions by 30 percent. Newmont's main goal is to be a net carbon zero company by 2050, for which it is partnering with key allies and investing in new technologies.