Canadian gold miner IAMGOLD has committed to achieving net negative greenhouse gas (GHG) emissions by no later than 2050.
“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. We know that we are losing habitat at an unsustainable pace,” president and CEO Gordon Stothart said on Monday.
IAMGOLD is a mid-tier gold mining company operating globally in North America, South America, and West Africa. The company’s operating mines include Rosebel (including Saramacca) in Suriname, Essakane in Burkina Faso, and Westwood in Canada.
The announcement was comprised of two separate global targets. The first target is expressly focused on GHG reduction from scope 1 and scope 2 emissions. This will be centred around reducing emissions from its heavy and light vehicle fleets and power generation and supply.
IAMGOLD said it is committing to reduce its emissions profile to as close to zero as possible by no later than 2050. IAMGOLD also announced that it would update commitments in 2025 to include scope 3 emission targets.
The second target focuses on GHG removals, supporting the effects of climate change by supporting net positive biodiversity and protecting carbon sinks. IAMGOLD has set a commitment to achieve this through nature-based solutions, meaning it will create more habitat for flora and fauna than it disturbs.
“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,” Stothart said, stating that IAMGOLD initiatives on reductions and removals would be advanced in parallel.
By 2022, IAMGOLD said it will complete an external verification of its emissions reporting; develop and announce medium-term targets of reductions and removals; and publish a roadmap of how it intends to achieve the ultimate goal of net negative emission no later than 2050.