Commits To Net Negative Greenhouse Gas Emissions By 2050
IAMGOLD Corporation (TSX: IMG) has unveiled its commitment to achieve net negative greenhouse gas (GHG) emissions by no later than 2050.
The company’s commitment to net negative GHG emissions comprises two separate global targets. The first global target relates to reductions in Scope 1 (direct) and Scope 2 (indirect – energy) GHG emissions.
IAMGOLD said it is committing to reduce its emissions profile to as close to zero as possible by no later than 2050. Initial work will focus on defining specific options to address the company’s largest sources of emissions: heavy and light vehicle fleets and power generation and supply. The company’s commitments will be updated in 2025 to incorporate targets for our Scope 3 (indirect – value chain) emissions.
The second global target relates to GHG removals. Reversing the effects of climate change requires not only that emissions be reduced, but that substantial amounts of existing GHG also be removed from the atmosphere.
As part of this target, IAMGOLD is committing to achieve net positive biodiversity, wherein the Company will commit to creating more habitat than it disturbs.
President and CEO, Gordon Stothart, said the company plans to achieve this global target through investments in nature-based solutions that further biodiversity objectives and act as carbon sinks. Investment opportunities will be pursued at the company’s operating sites, as well as regionally and globally, to ensure the maximum possible benefit for every dollar invested.
“In our view, reversing the effects of climate change does not mean stabilising emissions; it demands that we reduce the total volume of greenhouse gases going into the atmosphere and the world’s oceans year over year,” Mr Stothart said.
“We know that we are losing habitat at an unsustainable pace. We believe that the mining industry must do its part to be a driver of habitat creation.”
“Absolute reductions form a critically important part of IAMGOLD’s strategy in actively combating climate change, with investments in nature-based carbon offset projects supporting greenhouse gas removals. IAMGOLD is committed to advancing initiatives on reductions and removals in parallel.”
By the end of 2022, IAMGOLD will complete an external verification of its emissions reporting, develop and announce medium-term targets on reductions and removals, and publish a high-level roadmap on how the company intends to achieve its global target of net negative emissions by no later than 2050.
The roadmap will also include an estimated date by which the company expects to achieve net positive biodiversity. Work will advance through a dedicated steering committee with support from a range of external advisors.
As part of its accountability and reporting framework, IAMGOLD will also be reporting in accordance with the Climate-Related Financial Disclosures (CFRD) guidelines. IAMGOLD expects to release its initial TCFD report in late 2022.
For further information please visit: https://www.iamgold.com/