GlobalData offers a comprehensive analysis of Freeport-McMoRan, providing key insights into its Environmental, Social, and Governance(ESG) factors. By closely monitoring and aggregating mentions of climate change and associated ESG keywords, GlobalData delivers valuable information on Freeport-McMoRan‘s ESG performance. GlobalData’s company profile on Freeport-McMoRan offers a 360-degree view of the company, SWOT analysis, key financials, and business strategy including insights on ESG implementation among other information. Buy the report here.
Freeport-McMoRan, a leading mining company, has set target for net zero by 2050. The company has established the following targets for 2030 in Scope 1 & 2 emissions: Americas Copper- a 15% reduction target in greenhouse gas emissions intensity, PT-FI- a 30% reduction target in greenhouse gas emissions intensity, Atlantic Copper- a 50% reduction target in greenhouse gas emissions, Primary Molybdenum Sites- a 35% reduction target in greenhouse gas emissions. The company achieved a 6% reduction in absolute GHG emissions (Scope 1 & 2) in 2022 compared to the levels recorded in 2018. The company successfully continued its efforts to reduce GHG emissions intensity in the Americas, achieving a 2.5% reduction compared to the 15% target set for 2030. Similarly, in PT-FI, the company achieved a 26% reduction in emissions intensity, slightly below the 30% target set for 2030.
Freeport-McMoRan is focusing on other environmental aspects. The company is conducting a review of water supply sources and use to improve water models and set targets by the end of 2023. It is also working on formalizing and disclosing biodiversity management plans at several operations. Furthermore, Freeport-McMoRan is implementing the Tailings Standard at its tailings storage facilities to minimize impacts on stakeholders and the environment.
Freeport-McMoRan's commitment to environmental stewardship is evident through its certified Environmental Management Systems and its focus on sound environmental practices. The company spent approximately $400 million on environmental programs in 2022. It aims to optimize water use efficiency, minimize the use of freshwater, and reduce its water footprint by transitioning to renewable and recycled water sources. As Freeport-McMoRan develops its understanding and plans for its net-zero aspiration, it acknowledges the need to balance residual GHG emissions with offsets and removals.
Overall, Freeport-McMoRan is actively working towards its net-zero targets and has made progress in reducing GHG emissions. The company has set specific targets for different operations and is taking steps to achieve them. Its commitment to environmental stewardship and responsible mining practices is evident through its focus on water stewardship, biodiversity management, and tailings management. By striving to reduce its environmental impact, Freeport-McMoRan is contributing to a more sustainable future.