GlobalData offers a comprehensive analysis of Pan American Silver, 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 Pan American Silver‘s ESG performance. GlobalData’s company profile on Pan American Silver 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.

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Pan American Silver, a mining company, has set target for net zero by 2050. The company aims to achieve a 30% reduction in scope 1 and scope 2 greenhouse gas (GHG) emissions by 2030 compared to its baseline in 2019. In 2022, the company reported total Scope 1 – Direct emissions of 274,133 tCO2e, Scope 2 – Electricity(5) 77,133 tCO2e and Scope 3 emission from value chain of 768,897 tCO2e. The company achieved a 19% reduction in greenhouse gas (GHG) emissions, primarily attributed to the utilization of renewable electricity supply for Dolores and La Colorado since May 2022.

Pan American Silver has taken steps to reduce its emissions and achieve its net-zero targets. The report mentions that the company has a climate change strategy and initiatives in place to manage climate-related risks. It also states that the company has processes for identifying, assessing, and managing climate-related risks integrated into its overall risk management.

The company implemented annual objectives for reducing water consumption through site-specific projects, aiming for a 1% reduction from the 2022 baseline. However, a combination of factors, including reduction initiatives, operational changes, weather conditions, and project delays, resulted in a notable 14% reduction compared to the base case, exceeding their goal.

In conclusion, Pan American Silver is actively working towards its net-zero target by 2050, with a focus on a 30% reduction in scope 1 and scope 2 greenhouse gas emissions by 2030. The company has made substantial progress, achieving a 19% reduction in greenhouse gas emissions in 2022, primarily driven by the adoption of renewable electricity for key operations. Additionally, Pan American Silver's comprehensive climate change strategy and risk management initiatives underscore its commitment to sustainable practices and achieve net zero emissions by 2050.

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