ESG, ESG targets, Gold, News, Sustainability

Gold Fields moves the green goalposts

Gold Fields

Gold Fields, one of the world’s largest gold mining companies, has expanded its emissions reduction commitment.

Already working towards a 30 per cent cut in its Scope 1 and 2 emissions by 2030, Gold Fields has now set its sights on its Scope 3 emissions with a target to slash 10 per cent by 2030 from a 2022 baseline.

Gold Fields arrived at its Scope 3 target after spending 18 months working with key suppliers to establish a baseline of its emissions profile.

The investigation revealed Scope 3 emissions accounted for 36 per cent of the company’s 2022 emissions, up from the 25 per cent previously reported.

The new figures are based on standards set by the greenhouse gas protocol and a new methodology by the international council of mining and metals, launched in September.

Unlike Scope 1 and 2, Scope 3 emissions are generated outside a company’s direct influence both upstream and downstream of the value chain.

Gold Fields underlined that meeting its target will require a collaborative engagement with its suppliers and the successful implementation of decarbonisation efforts.

“We will be working with our suppliers to ensure that we jointly address our climate change impacts and actively engage those suppliers who have not yet committed to emission reductions,” Gold Fields interim chief executive officer Martin Preece said.

“Other strategies include switching to greener products, moving to greener suppliers, and making emission reductions part of the company’s procurement criteria.”

The study found that the company’s most significant upstream contributors to Scope 3 emissions were suppliers of fuels, mining services, cement, and explosives.

Gold Fields now has plans to intensify its engagement with the majority of its suppliers to reassess its decarbonisation progress and targets in 2025.

Subscribe to Australian Mining and receive the latest news on product announcements, industry developments, commodities and more.

Send this to a friend