Freeport-McMoRan, a leading international mining company, has set a goal to achieve net-zero greenhouse gas (GHG) emissions by 2050. Freeport-McMoRan latest filings mentioned the keywords ‘Emissions’ and ‘Recycled’ most number of times in relation to 'Net Zero'.

In 2022, company’s global absolute Scope 1 and 2 GHG emissions increased by 6.9% to approximately 7.7 million metric tons from approximately 7.2 million metric tons the prior year. GHG emissions increased due to higher production rates at PT-FI, Cerro Verde, Safford and El Abra, as well as the resumption of overburden removal, production and maintenance projects previously delayed due to COVID-19. Despite the GHG emissions increase in 2022, its absolute Scope 1 and 2 GHG emissions in 2022 were 6% lower than its 2018 baseline levels reflecting significant improvements in energy efficiency and grid decarbonization in recent years.

Climate change poses considerable near- and long-term challenges for society. Mining is energy-intensive and generates significant GHG emissions, which contribute to climate change. The company’s produce plays an essential role in global decarbonization. It is a critical component in the technologies that will be deployed in a highly electrified and low-carbon economy, including solar and wind energy and electric vehicles. These technologies are critical to support the global energy transition needed to accelerate toward a 2050 net zero economy.

In 2022, the company’s global absolute Scope 1 and 2 GHG emissions increased by 6.9% to approximately 7.7 million metric tons from approximately 7.2 million metric tons the prior year. GHG emissions increased due to higher production rates at PT-FI, Cerro Verde, Safford and El Abra, as well as the resumption of overburden removal, production and maintenance projects previously delayed due to COVID-19. Despite the GHG emissions increase in 2022, its absolute Scope 1 and 2 GHG emissions in 2022 were 6% lower than its 2018 baseline levels reflecting significant improvements in energy efficiency and grid decarbonization in recent years. The company’s scope 3 emissions were 5,365,440 metric tons of CO2e.

The company is committed to reducing its own greenhouse gas (GHG) emissions to make a positive contribution toward the world’s 2050 net zero goal. It has now established 2030 reduction targets that collectively cover nearly 100% of Scope 1 and 2 GHG emissions. The company is moving forward with plans to decarbonize its electricity supply, including progressing evaluation options to replace PT-FI’s coal-fired power plant and to integrate more renewable energy at its Americas operations. In addition, the company is committed to formal collaboration with Caterpillar’s Early Learner program and Komatsu’s GHG Alliance, both of which are focused on the development and advancement of zero-emissions mining trucks and supporting technologies and infrastructure.

In conclusion, the company aspire to participate in and positively contribute to a 2050 net zero economy. In addition, the company has committed to reduce GHG emissions intensity at PT-FI by 30% per metric ton of payable copper by 2030 from its 2018 baseline.

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