Coal, ESG, ESG targets, News, Sustainability, Yancoal

ESG a priority for Yancoal Australia

Yancoal Australia have released its 2022 environmental, social and governance (ESG) report, with many highlights.

2022 saw Yancoal Australia pay Australia corporate tax for the first time, having recouped all tax losses carried forward from prior years. It paid $1.2 billion in local, state, and federal government expenses and spent $2.7 billion in purchases of goods and services from 2400 suppliers and providers.

3373 full time resident employees were awarded a total of $587 million in salaries and wages, and since 2018 there was an overall 34 per cent reduction in recordable work-related injuries and a 50 per cent increase in female workers.

$1.8 million was provided in voluntary contributions to 138 Australian community organisations and donated over a million dollars to three charities: $200,000 to the Clontarf foundation, $500,000 to GIVIT, and $500,000 to Westpac’s rescue helicopter service.

An updated ESG materiality assessment was released with detailed stakeholder interviews and engagement, and an enterprise risk management framework included an assessment of climate related risks. Additionally, a feasibility study commenced at the Stratford Renewable Energy Hub.

The company saw total scope 1 and 2 emissions of 2,367,913 tonnes equivalent to carbon dioxide and 11,721ml of high-quality water was returned to the environment, a 71 per cent increase from 2021. Yancoal Australia helped rehabilitate 95 hectares of land.

Yancoal Australia’s chairman of the board Baocai Zhang and chief executive officer David Moult both commented on the 2022 ESG report, saying the company will begin developing a holistic sustainability strategy for 2023 that enhances value in Yancoal Australia’s business health, mining operations, environment impact and social wellbeing.

“A dedicated team with the necessary skills and expertise has been established to develop Yancoal’s sustainability strategy. This team is engaging with people at all Yancoal sites to understand their requirements and how sustainability issues are understood and addressed,” Zhang and Moult said.

“As part of Yancoal’s sustainability journey we plan to identify meaningful targets and embed platforms across the business.”

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