The global mining sector plans to operate carbon-free by 2050, a herculean task. There are compelling reasons to do so.
Global warming looms as an existential threat. The 2015 Paris Agreement on climate change clarifies that avoiding catastrophe – holding warming to under 2 degrees C above preindustrial levels, and ideally to 1.5 degrees – requires immediate, substantial decarbonization down entire supply chains, with mining occupying the base of those chains.
There are good business reasons to de-carbonize. One is health related. Nearly eight out of 10 industry executives expect health-related industry class action lawsuits in the next 15 years, according to a sweeping 2020 report titled State of Play: Electrification, an Australian-based mining research platform organization that led to the formation of the Electric Mine Consortium, a collaboration between mining and service companies aiming to accelerate progress towards the fully electrified zero CO2 and zero particulates mine. Many mining companies also expect profits to suffer by 2025 because of increases in carbon regulation costs and higher water costs due to changes in climate. Companies could pass on increased cost to their customers, but that would drive up commodity prices and dampen demand, which would weaken revenues.
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